Binance Coin price analysis 8 May 2019;

In the previous twenty-four hours, Binance coin had dropped 4 percent (4%), making is over twenty dollars ($20.63), because of forty million dollars ($40M) Binance hack.

In contrast, the cryptocurrency is at ninety-day trading period while BNB increased to a one ninety one percent (191%).

Binance coin is placed at the seventh position by market cap. BNB’s market cap price is over 2 billion dollars ($2.93B). It is currently being bought and sold at a lower value as compared to its ATH value.

Subsequent to the previous analysis, it appears as the market did not exceed the twenty-four dollars ($24) price level. It is dripping even lower. Now at the over 20 dollars ($20.85) level. This has a short term .5 Fibonacci Retracement Level.

Binance Coin price analysis 8 May 2019; 2Binance Coin BNB price chart created with Trading View

Resistance level lies at 4 points currently, including somewhere between over twenty-one and twenty-two dollars ($21.95-$22), over twenty-two dollars ($22.67), at over twenty-four dollars ($24.42) and over twenty-five dollars ($25.18).

Support level lies at twenty dollars ($20) and further, it may lie at over nineteen dollars($19.47), at over eighteen dollars($18.81) and over seventeen dollars($17.84). These are short term downside Fibonacci Extensions Levels.

Market momentum is once again in the hands of sellers as indicated by the current slip of RSI under the 50 level. But the stochastic RSI is expected to go beyond the signal. This would cause pressure.

Current sell-off showed that buying and selling have somewhat improved, causing an increase in the momentum.

Binance Coin price analysis 8 May 2019; 3
Binance Coin BNB price chart created with Trading View

Subsequent to the last BNB/BTC analysis, it is clear that the market has dropped below the support in the long term ascending trend line that was followed.

After the breakdown, it farther decreased against Bitcoin into support around the 0.003476 BTC level. It is being supported by the hundred days moving average level.

Resistance level lies at 4 points currently, including at 0.0036BTC, 0.0038BTC, 0.004BTC ,0.0042 BTC, 0.044BTC. Support lies at 0.003284 BTC, 0.0032 BTC and 0.003111BTC.

The bears are in the hands of market momentum as shown seen by RSI. But Stochastic RSI could lead to a correction.

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