binance coin price analysis prediction
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Binance Coin Price Analysis & Prediction (May 9th) – BNB Trades in a Tight Range, Looking for a Breakout After Small Dip

Binance (BNB) started this month in a neutral mode. But the bears seem to have the upper hand over the bulls for the past few days. We may see a fall in price if the bears reiterate the current actions in the next few days.

Since BNB fell from the $338 level earlier this week, the price has been trading indecisively between the range of $319 and $329 as low and high with no sign of a breakout. 

It saw a mild down surge today but is not enough to change the direction of the market. However, the bears have tried to bring the price beneath the above-range low level after a series of pulls from $350, $345 and $340 in the last three weeks. They could not after several failed attempts.

Meanwhile, for close to a year now, the price has been respecting an ascending channel, forming a bullish pattern on the daily chart. Inside this channel, BNB has formed another bullish pattern with an ascending wedge, which captured price actions for more than four months.

If the price drive through the current range low level, the asset could roll over to the lower boundary of the wedge for support before it takes off again. If that lower boundary fails to produce a rebound, the channel’s lower boundary will be the next area of interest for the bears.

BNB Key Level To Watch

binance coin bnb price analysis prediction
Source: Tradingview

While BNB remains indecisive for almost a week now, the key level for a breakdown lies at $318.4. The support level to watch below it is $310 and the $300 mark level.

Above the range high of $329, the immediate resistance level keep in mind is $337.5. The next resistance levels to watch are $346.4 and $360, around the wedge’s upper boundary.

Key Resistance Levels: $337.5, $346.4, $360

Key Support Levels: $318.4, $310, $300

  • Spot Price: $322
  • Trend: Bearish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: ivanbabydov/123RF // Image Effects by Colorcinch

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