The most recent Binance Coin price analysis shows that bulls have made a comeback. The coin was under strong correction for the past two days, but the trend has changed today, as in current circumstances the support at $321 seems strong, and this is the point from which the coin’s price bounced upwards today. The bearish pressure is still there as BNB is still range bound between $317 and $338, however, the price levels have recovered back to $323.1 in a bullish move.
BNB/USD 1-day price chart: Bullish momentum returns after repeated denials
The 1-day price analysis of Binance Coin is indicating positive tendencies for the buyers, which is motivating them to enter the market. As the price movement today has changed direction, the most recent trends are in favor of cryptocurrency. Although the coin’s value rose today, when compared to the previous 24 hours and the previous week, it has decreased by about 0.43 percent and 4.72 percent, respectively. On the other side, the volume of trading has dropped today by 4.15 percent.
The volatility is high, and if we talk about the Bollinger bands values, the upper band is at $346 and the lower band is at $314, showing a wide range for the price action. The mean price value, or moving average (MA), is $328.6 more than the present price. The Bollinger bands average has also moved to $330, which is still above the MA, but volatility is rising once again. The Relative Strength Index (RSI) has taken a turn from its downward path, and its score has also increased significantly; now the indicator shows a reading of 48.
Binance Coin price analysis: Recent developments and further technical indications
The cryptocurrency has experienced ongoing bearish strikes, and the bears have been able to retake the bullish advantage, according to the 4-hour price chart for Binance Coin price analysis. The bulls fared remarkably well over the first four hours of trading. But as soon as the price crossed the $326.4 mark, selling pressure resurfaced, and over the last four hours, the price has been falling once more.
The average of the Bollinger bands is now $327, while the moving average has reached $324, and the SMA 20 curve has also came further below. Since the Bollinger bands are expanding, there is a high likelihood of future volatility, and bullish momentum will ultimately prevail. At $337 and $316, respectively, are the top and bottom bands. The RSI score is also decreasing and has now dropped to a level of 43, suggesting that there has been selling in the market.
Binance Coin price analysis conclusion
The Binance Coin price analysis makes it evident that the bulls have had success. The price may start to recover again despite the fact that it is now decreasing, as the positive trend is predicted to continue. Bullish momentum was quite strong, with an abrupt price gain that increased the value to $326.4. We predict that BNB will retest $326.4 in the hours to come, despite the dismal results in the preceding hours.
