BNB/USD has slumped in price the past day and a half, as nervous speculators and legal shadows loom over Binance.

BNB/USD is trading near the 287.0000 mark as of this morning, on the 6^th of June Binance climbed to a high of nearly 312.0000. However, the broad cryptocurrency market remains fragile, and also creating potential headwinds among speculators are legal shadows which hover over Binance as regulators ask questions regarding the company’s business practices.

After falling below the 300.0000 level on Monday, BNB/USD did show price velocity downwards.  Yesterday’s prices action in BNB/USD did mirror the major cryptocurrencies and reversals higher have been accomplished in limited fashion this morning after hitting a low of nearly 283.0000 a few hours ago. This ratio should now be watched as support by day traders.

The 300.0000 level remains a natural target for speculative bullish investors, but buyers may be in short supply near term for BNB/USD. Traders are encouraged to keep their expectations realistic if they seek upwards movement in the short term. Digital assets including BNB/USD remain within sight of important support levels.

While Bitcoin and Ethereum did escape the clutches of their lower depths yesterday, there still does not seem to be a sparkling climb upwards that is about to be generated.  The long term bearish trend remains intact. Traders who believe Binance Coin is oversold are free to have their opinions and in the long term may be proven correct, but speculators seem to lack confidence and there appears to be a shortage of overwhelmingly strong bullish buyers who can turnaround the trend.

If support levels are aimed for in the short term this may prove to be a worthwhile wager, but traders should anticipate choppy conditions to linger.  However, if the 283.0000 ratio were to fail and prices below start to be flirted with another wave of selling could ignite rather quickly.

Yesterday’s low price for BNB/USD was near 274.0000 and another test of this level is certainly not out of the question near term. From a risk reward technical perspective combined with the fragile state of the cryptocurrency market, it would appear that BNB/USD has a greater chance to see greater volatility downwards compared to upwards momentum.

Potential bulls looking for upside price action should be careful and use tight take profit targets which aim for existing resistance levels.  A move above the 290.0000 would be a good first step for BNB/USD with a higher goal of 296.0000 perhaps too optimistic. If BNB/USD is not able to topple the 290.0000 mark in the short term, it may be a signal that consolidation is going to generate another move lower.

Binance Coin Short Term Outlook:

Current Resistance: 290.1000

Current Support: 284.6000

High Target: 303.9000

Low Target: 261.0000

SOL/USD has traded lower in early market action this morning, after hitting solid short term highs the past two days the cryptocurrency faces a struggle.

SOL/USD is trading below the 45.0000 level as of this writing with its typical fast conditions. Solana was able to provide bullish traders with upside movement the past two days and challenged the 48.2500 vicinity on the 30^th and 31^st of May, but headwinds have settled into the broad market for many of the major digital assets as potential profit takes an effect.

While SOL/USD was able to demonstrate a rather solid incremental climb the past handful of days, the cryptocurrency still remains within the lower part of its long term price range. Solana remains dangerously close to its prices of August 2021. Most other major cryptocurrencies plunged through their August and July prices of 2021 a few weeks ago, when massive selling hit the digital assets, but SOL/USD has been able to remain above these ratios.

The move higher the past few days has been encouraging for bullish traders, but because SOL/USD remains so close to its August 2021 prices, skeptics may still believe further room can be explored lower.  The broad cryptocurrency market remains within its bearish trend, a few days of positive trading may be the start of a strong reversal higher, but it may prove to only be a vacuum sucking people in who are optimist and preparing to cost them money if the downturn picks up momentum again.

If SOL/USD were to fall below the 44.0000 price short term, this would be a poor indicator.  Rather important support lurks near the 43.0000 level and if bearish selling suddenly shows price velocity this could prove to be a rather negative signal for Solana. On the 27^th of May SOL/USD was trading below the 41.0000 level momentarily. If market conditions in the broad market remain caught in a downturn, SOL/USD has the ability to fall to lows not tested since July of 2021.

SOL/USD is a fast mover.  Speculators need to use their full array of risk management when trading Solana, including entry price orders, take profit and stop loss tactics. SOL/USD was able to show some optimistic results the past few days, but a reversal lower would not be a surprise at this time with a re-test of lows seen only a handful of days ago when Solana traded below 41.0000.

Solana Short-Term Outlook

Current Resistance: 45.6200

Current Support: 44.3000

High Target: 56.0600

Low Target: 42.2700

ETH/USD has been confronted by resistance which has proven durable since late last night, and key support levels are now in sights as values are tested.

ETH/USD is near the 3085.00 level as of this writing. The high for Ethereum touched the 3168.00 ratio yesterday, but then a noticeable amount of headwinds started to be seen in ETH/USD which sank the cryptocurrency to a low of nearly 3031.00. Yes, ETH/USD has climbed since hitting this lower value, but Ethereum remains within sight of support levels which may make some speculators nervous.

On the 3rd of April ETH/USD had climbed back to a rather healthy looking 3580.00 price, a value not seen since the first week of January 2022. However the past two and a half weeks of trading have proven difficult for Ethereum and the broad cryptocurrency market, as buyers have seemingly tapped on the brakes and a trend downward has once again been displayed.

A low of nearly 2880.00 was touched on the 18th of April, which is a juncture ETH/USD had not seen since the end of third week in March. Ethereum has climbed higher after hitting this low a few days ago, but traders with memories of the bearish trend, which has occurred in ETH/USD since November of 2021 are likely fearful that additional selling pressure may be demonstrated. Bullish speculators who believe ETH/USD has been oversold should watch current support near the 3056.00 mark, which is nearby. If this level becomes vulnerable it may not be a good short term signal.

The 3000.00 mark could prove to be significant in the near term. Any move below this value could set off alarm bells within skeptics who may believe another test to lows is going to be exhibited. The notion that Ethereum may have been part of a dead cat bounce within a long term bearish crypto market may gather more nervous sentiment. The 3000.00 value may prove to be a significant barometer of market psychology for crypto traders.

If ETH/USD can maintain its current price levels and produce buying action which sees the 3100.00 level toppled and sustained, this could spark the interest of buyers. Momentum trading in the near term may prove to be a solid tactic for both bullish and bearish traders as the broad cryptocurrency markets displays rather choppy results. Conditions the past handful of days highlight the need for cautious amounts of leverage to be used while wagering on ETH/USD. The use of take profit and stop loss orders should be practiced in order to insure reversals are not suffered for being too speculatively ambitious.

Ethereum Short Term Outlook:

Current Resistance: 3107.00

Current Support: 3056.00

High Target: 3187.00

Low Target: 2953.00