TL;DR Breakdown
- Binance Coin price analysis suggests sideways movement before the collapse to $290.00 mark
- The closest support level lies at $310 and further below at the $300 mark.
- BNB faces resistance at the $315 mark
The Binance Coin price analysis shows that the BNB price action continues to consolidate around the $310 mark as either side of the market is yet to gain momentum to create a breakout from the ongoing trend.
The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include SOL and ETH showing a 1.32 and a 1.23 percent decline, respectively.
Binance Coin price analysis: BNB continues consolidation
The MACD is currently bearish, as expressed in the red colour of the histogram. On the other hand, the indicator shows low bearish momentum as expressed in the shallow depth of the indicator. Moreover, the small size of the MACD indicator over the past seven days shows a lack of momentum from either side of the market as BNB continued to consolidate around the $310 mark.
The EMAs are trading very close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading close to each other showing low momentum at press time. Moreover, the converging EMAs suggest a slowly declining bearish momentum.
The RSI briefly rose to the overbought region but dipped back into the neutral region as the price action failed to climb past the $0.3600 mark. At press time, the indicator trades near the mean level at 45.33 index level as the price suggests low net momentum with a gentle slope suggesting a struggle between bears and bulls at the current level.
The Bollinger Bands are currently narrow as the price action observed low volatility across the short-term charts. Moreover, the price action trades close to the mean line of the indicator, suggesting further consolidation across the timeframe. The indicator’s bottom line provides support at the $309.5 mark while the mean line presents a resistance level at the $311.30 mark.
Technical analyses for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a sell signal at press time with 14 indicators supporting the bears. On the other hand, only two of the indicators support the bulls showing little to no bearish presence. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Binance Coin price analysis shares this sentiment and also issues a sell signal with 10 indicators supporting the bears against only six supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.
What to expect from Binance Coin price analysis?
The Binance Coin price analysis shows that the Binance Coin market is currently in a bearish rally as the price action crumbled from above the $340 mark to the recent $310 mark. At press time, the price action has shown low momentum over the past few days as trading volume dwindled.
Traders should expect BNB to observe sideways movement at the current price level before the price action breaks down toward the $280.00 mark. The suggestion is reinforced by the short-term technical indicators and the mid-term technical analyses that suggest further sideways movement before the price action breaks down under the bearish pressure.
