BNB Technical Analysis | Next Resistance level at $513
Welcome Back to Cryptoknowmics!!
We are here to yet again enlighten you about news and predictions from the Crypto community!!
And today we present to you a technical analysis video on BNB Token!
Binance has increased its network by including Binance Chain, Binance Academy, Trusted Wallet, and Research Reports of their tokens.
But before we get into it, we want to thank you for the support you guys show towards the channel!!
BNB is trading at $429.83. The price has shown some bearish signs as it has slightly decreased from the opening price.
Thus, indicating a high selling pressure in the market.
The MACD lines are in the positive zone. However, the price has broken a lot of resistance levels.
The RSI indicator is at 47.78%. It has risen after taking support from the 38% mark, which is a strong resistance zone for the RSI. A break up from this level will eventually be a trend reversal.
As the indicators are predicting bearish signals, the price can fall and test the first Fibonacci pivot support level of $396.36. Once the price breaks the support zone, traders can go with a target of $369.25.
However, if the price starts a pump, it can break the immediate resistance level at $463. A breakout from this level can highlight the next resistance level at $513.
Hope this video was helpful, and you got what you were looking for!!
For more such videos subscribe to Cryptoknowmics!!