Binance Cryptocurrencies Search for Support After Drop From All-Time Highs
2 min readBinance 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.
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.
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.
Highlights
- BAKE could be trading inside a descending parallel channel.
- There is support at $3.90.
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