Exclusive Binance Cryptocurrencies Search for Support After Drop From All-Time Highs

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In Brief
  • BNB reached a new all-time high on May 10.

  • CAKE is trading between support and resistance at $19.50 and $28.

  • BAKE is potentially trading inside a descending parallel channel.

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

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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.

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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.

BNB Chart By TradingView

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.

Chart By TradingView

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.

Chart By TradingView

Highlights

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

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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