TL;DR Breakdown
- Binance Coin price analysis suggests sideways movement before further price drop to $300.0.
- The closest support level lies at $310.0.
- BNB faces resistance at the $317.6 mark.
The Binance Coin price analysis shows that the BNB price action found support at the $86.00 mark and the bullish momentum has enabled the price to return to the $88.00 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $90.00 mark.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include BTC and ETH showing a 1.74 and a 1.37 percent incline, respectively.
Binance Coin price analysis: BNB finds support at $310
The MACD is currently bullish as expressed in the green colour of the histogram. However, the indicator shows a low bullish momentum at the press time as observed in the height of the histogram. Moreover, the lighter shade of the indicator suggests a decreasing bullish momentum as the price finds resistance at the $315.00 mark.
The EMAs are trading 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 bullish momentum at press time. Furthermore, the converging EMAs suggest a slowly decreasing bullish momentum.
The RSI briefly dipped into the oversold region but rose back quickly as the price action slowed down near the $310 mark. At press time, the indicator trades near the oversold region at the 38.22 index level as the price suggests slight bearish dominance with the upwards slope suggesting a decreasing bearish pressure at the current price level.
The Bollinger Bands are currently narrow as the price action observes low volatility across the short-term charts. Moreover, as the price moves back to the $315.0 mark, the bands will show convergence. At press time, the bands’ lower limit provides support at the $309.8 mark while the upper limit presents a resistance level at the $317.6 mark.
Technical analyses for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a sell signal at press time with 15 indicators supporting the bulls. On the other hand, only two of the indicators support the bulls showing a low bullish 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 buy signal with 12 indicators supporting the bulls against only five supporting the bulls. The analysis shows bullish dominance across the mid-term charts with a low bearish presence at the current price level. Meanwhile, the remaining nine 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 observed a breakdown from the $348.00 mark to the $310.00 price level. However, the bulls made some recovery and the price has risen back to the $312.00 mark.
Traders should expect BNB to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bearish and bullish trends respectively. Currently, the price can be expected to move to $315.00 before finding a strong resistance level.
