BNB Price Analysis: Bullish Trend Forming After Token Sale Announcement

BNB price analysis shows that the price of the altcoin shows signs of reversing the bearish trend and increased up to 12 percent over the 24 hours. The current price of the altcoin is now up to $21.80 and in the coming altcoin news, we make a broader analysis.

Binance has recently announced the next Binance Launchpad token sale or the next Harmony Protocol which is a new innovative platform. With the announcement, the price of the BNB coin also increased. Harmony is a low-latency and low-fee consensus platform but more details about it we have to expect after May 15 during the new announcement.

If you take a look at the BNB/USD1-Day charts, you can see the price action of the BNB coin. For example, after the latest BNB price analysis, we can see that the pair is falling even lower and it reached the outlined support at $18.81. The support at the current level is provided by a short-term downside at 1.414 Fibonacci Extension level. The BNB coin has rebounded before reaching this level and has also broken back above the $20 price point. It is also currently trading at the same position.

The nearest resistance level of the coin is located at $22. Another resistance level could line with the $24.40 and $25.18 price points. Above the $25.18 price point, a higher resistance could be located somewhere around $26.60. On the downside, the nearest level of support is now at $20.85 or $20. Further downside support can be found at $19.50 and $18.81. If the sellers manage to break the low level at $18.81, the next support line could be found at $17.84 and $16.30.

The trading volume of the coin has managed to remain average over the past few days but it still relatively high. The RSI index shows an extremely oversold area. A crossover above could even spike a positive correction. The previous BNB price analysis which we covered in the latest cryptocurrency news shows that the coin continued to decline against BTC and has even fallen beneath the support of the 100 days moving average.

The initial support line lies at 00.0031 BTC and the 0.0030 BTC area. The Stochastic RSI indicator could produce a crossover above oversold territory and a further bullish correction is approaching.