The latest Binance Coin price (BNB) analysis shows negative market sentiment as bearish activity gains traction. At the time of writing, BNB is trading at $323, down by -1.11 percent in the last 24 hours. The bearish trend is being supported by high selling pressure and low buying volume as more sellers enter the market.
The bearish trend is strong, and if the bearish trend continues further, the next level of support may be seen at 320 USD. The current levels of resistance for BNB are present at 328 USD, and a break above this level can shift the price action toward $328, which can be considered a strong resistance level if bullish sentiment takes over.
Binance Coin price analysis daily chart: BNB trades below $323 as bearish pressure takes over
On the daily chart, Binance Coin price analysis shows a bearish trend in today’s market. BNB is currently trading at $323, and it has been declining steadily for the past few hours. In the past few days, bullish activity was seen in the market and pushed the token price above the $328 resistance point, with more buying pressure pushing prices even higher. However, the bearish activity is now gaining traction, and this could lead to a further decline below the $320 support level.
The 24-hour technical indicators display bearish momentum for the BNB market. The MACD is trading below the zero line and is showing a bearish crossover, indicating more selling pressure in the coming days. Similarly, the RSI has moved into the neutral region and is currently at 48.83, suggesting further downward momentum in BNB’s price action. The moving average indicator is currently at $326 and is exhibiting a bearish pattern.
Binance Coin price analysis: BNB is facing rejection at $328 as bearish pressure builds
The hourly Binance Coin price analysis shows that BNB has been rejected near the $328 resistance level. The token price is currently trading at $323, and further bearish pressure can be seen in the market. As long as BNB is unable to break above this level, sellers will continue to have the upper hand.
The Relative strength index (RSI) is currently at 47.20 and is indicating bearish momentum for the token. The MACD indicator is also forming a bearish crossover, suggesting increased selling pressure in the coming hours. The Moving Average Convergence Divergence (MACD) indicator is currently trading below the zero line and could be used as a short-term sell signal. The moving average indicator is present at $325 and is indicating further bearishness for BNB.
Binance Coin price analysis conclusion
In conclusion, the Binance Coin price analysis shows that the bearish momentum is currently in control of the market. BNB is facing strong resistance near $328 and has been rejected multiple times. The bearish pressure could push prices below $320 if the bears continue to dominate. On the upside, a break above this level can provide some relief from the selling pressure and could push prices higher.
