Binance Cryptocurrencies Search for Support After Drop From All-Time Highs - (TA - 19th of May)


Binance Coin (BNB) has been decreasing since reaching a new all-time high price of $691.77 on May 10.

PancakeSwap (CAKE) has fallen below the $28 area and is approaching the $19 support.

BakeryToken (BAKE) has been decreasing inside a descending channel since May 2.

 

Binance Coin (BNB)

BNB has been moving downwards since May 10 after reaching a new all-time high price of $691.77. The decrease has been swift, taking it back to a low of $407.37, where it saw some support. 

The $403-$458 zone is a strong support level, created by the 0.5-0.618 Fib retracement support levels. 

However, technical indicators are still bearish. The Stochastic oscillator has made a bearish cross. Both the MACD and RSI are also decreasing, The latter has already fallen below 50. 

If BNB breaks down, the next support would likely be found at $330.

 

3e0eac0be9f2fcbbc7d5452963df5fdef043108ccf48497f2655f17c881fe7d1.png

 

Highlights

  • BNB reached a new all-time high on May 10.
  • There is a support zone between $403-$459.

 

PancakeSwap (CAKE)

CAKE has been decreasing since April 30, when it reached an all-time high price of $44.27. On May 13, it bounced at the $28 area, in what appeared at the time to be a validation of support. However, it has broken down below this level since.

Technical indicators are bearish. The RSI has fallen below 50 and the Stochastic oscillator has made a bearish cross.

The next closest support area is found at $19. This price level was last reached on April 18 before creating a long lower wick.

 

01bcae4fd7b765afbaf7365a034f477350e0f4354fa0f8527d2e8f0e49235312.png

 

Highlights

  • CAKE has support and resistance at $19.50 and $28, respectively.
  • Technical indicators are bearish.

 

BakerySwap (BAKE)

BAKE has been decreasing inside a descending channel since May 2. It initiated an upward move on May 13 but was rejected three days later, creating its first lower high. This was also combined with a falling MACD and a bearish cross in the Stochastic oscillator. 

The support line of the channel is found at $3.90. This is also the 0.618 Fib retracement level of the entire upward movement. 

Therefore, a bounce near that level is expected.

 

ca7b2ef0b9fcadbdc2241507593add39d37824e7c67164c919347f485379e6cd.png

 

Highlights

  • BAKE could be trading inside a descending parallel channel.
  • There is support at $3.90.

 

What altcoins are you currently eyeing up and why? This is the first time i have done a TA daily roundup so If you enjoy this sort of content, consider following me and also tipping the article.

Also if you are on Twitter, why not give me a follow and start some conversations? You can find me here - https://twitter.com/dizzlecrypto.

Until next time, stay classy crypto world!

How do you rate this article?


14

1

pheonixdown-dee
pheonixdown-dee

I am an avid crypto enthusiast. Feel free to get in contact with me on - IG - https://www.instagram.com/crypto_dizzle/ Twitter - https://twitter.com/DizzleCrypto


My Technical Analysis
My Technical Analysis

Technical Analysis from me, will mostly be doing Bitcoin / Altcoin.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.