Binance Coin price analysis shows price undergoing a persistent bearish trend, despite a 2 percent increment over the past 24 hours. BNB trends below all major technical indicators, with the current downward trend running since May 1 with price at a high of $338. Price had raised up to $310 at the time of writing, with bottom support placed at the $300 mark. Binance Coin trading volume dropped around 16 percent over the past 24 hours, indicating bearish potency over the current trend.
The larger cryptocurrency market picked up to record minor increments across the board, as Bitcoin moved back closer to the $27,000 mark with a 2 percent incline. Ethereum also rose 2 percent to $1,800. Meanwhile, among leading Altcoins, Ripple stayed at $0.43, similar to Cardano at $0.36. Whereas Dogecoin recorded a minor uptrend at $0.07 and Polkadot went up by 3 percent at $5.40.
Binance Coin price analysis: RSI picks up slightly on daily chart
On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen attempting some form of recovery over the past 24-48 hours, albeit with high volatility. The token has been in persistent downtrend since the start of the month, with price staying below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $314.7.
The 24-hour relative strength index (RSI) can also be seen trending downwards in the larger picture since being in the overbought region around April 16. The RSI currently sits at 41.17, forming a minor recovery over the past 48 hours, but continues to show low market valuation within the oversold region for Binance Coin. Furthermore, the moving average convergence divergence technical indicator also shows a bearish divergence in place, with the trend line continuing well below the signal line at the current trend.
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