The Binance coin price analysis shows bearish price movement today. A decrease in price has been observed as the coin failed to get support, and bears continue their endeavor for the fifth day consecutively. The BNB/USD has been on a downwards trend since 25 June 2022, as bears ruled the broader crypto market along with BNB, which went through an extreme loss. BNB suffered considerable damage as the price has sunken down to $219.5 after following the most recent downtrend. As the bears are making progress till now, the next support for BNB is present at the $215 level.
The broader crypto market is under a bearish spell today. The majority of cryptocurrencies, including Bitcoin, Ethereum, and most of the top altcoins, are all under heavy correction, with Apecoin and sandbox losing most value amounting to 11 percent each.
BNB/USD 1-day price chart: BNB price levels continue sinking
The 1-day Binance coin price analysis shows a price drop today as selling pressure triggered again. After a significant decrease in BNB/USD pair price for the past four days, bears have continued their lead, and the crypto pair is now trading at $219.5 at the time of writing. BNB shows an 8.34 percent loss of value during the last 24 hours, but it still shows an increase in value of around 0.03 percent over the past week, which will soon turn negative in the coming hours.
The volatility is high for the BNB/USD pair, as the Bollinger bands indicator suggests, but now the volatility is decreasing as the Bollinger bands are converging. The upper band is present at the $270 mark representing resistance for the crypto pair, and the lower band is present at the $189 mark representing support for the coin’s price; the mean average line of the Bollinger bands is above the price level at the $229 mark.
The relative strength index (RSI) is trading in the lower half of the neutral zone on a downwards curve, indicating the selling activity taking place in the market. The curve of the RSI indicator has reached index 37.
Binance Coin price analysis: Recent developments and further technical indications
The 4-hour price chart for Binance coin price analysis shows bearish progress in the last four hours as price levels continue decreasing, after the price breakout being downwards at the start of today’s trading session. Bears seem to be gaining strength as selling pressure continues to rise, and the coin hasn’t found support yet. The price function has been headed downwards for the last 24 hours as the coin is under a strong correction.
The volatility is increasing on the 4-hour chart as Bollinger bands are expanding, with the upper band at the $246 mark and the lower band at the $221 mark; the price has stepped below the lower band, which is a strong bearish indication for the future trends. The relative strength index shows movement downwards after traveling on a downwards curve near the undersold zone and is present at index 33; the indicator is still in the lower neutral range.
Binance Coin price analysis: Conclusion
The Binance coin price analysis reveals a bearish trend, as no bullish activity has been observed today. Most of the technical indications are also favoring the bearish side. The bearish trend may intensify further, as the RSI suggests, as it nears the undersold range on the 4-hour chart.
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