Binance Cryptocurrencies Search for Support After Drop From All-Time Highs – Yahoo Finance

Binance 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.

BNB Falls To Support

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.

CAKE Range

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.

BAKE Channel

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.