The Binance coin price analysis reveals bearish price movement today. As the cryptocurrency failed to find support, the price dropped, and bears are still trying to lower it today. Since March 18, 2023, the BNB/USD has been in a downward pattern as bears have controlled the larger crypto market and BNB, which suffered a significant loss. Following the most recent downtrend, BNB’s price has fallen to $321.9, causing significant harm. The next level of support for BNB is at $317, followed by a second, firmer support at $308, as the bears continue to advance.
BNB/USD 1-day price chart: Decline in BNB price level continues
According to the 1-day Binance coin price analysis, today’s price decline is due to renewed selling pressure. Bears have kept up their pressure on the market after BNB/USD’s price fell sharply; at the time of writing, the cryptocurrency combination is trading at $321.9. BNB has lost value by 4.43 percent over the past day, but it has gained value by about 5.71 percent over the past week because there was a strong bullish tendency at the beginning of the week.
The Bollinger bands indicator suggests that there is high volatility for the BNB/USD pair, and the Bollinger bands’ divergence indicates even more volatility to rise. The lower band is present at the $262 mark and acts as a support for the price of the coin. The upper band is present at the $349 mark and acts as resistance to the cryptocurrency combination. The mean average line of the Bollinger bands is below the price level at the $305 mark.
The relative strength index (RSI), which depicts the selling activity occurring in the market, is currently trading in the higher half of the neutral zone on a downward curve. The RSI indicator’s slope has slipped to index 55.
Binance Coin price analysis: Recent developments and further technical indications
Despite the fact that the price breakout was upwards at the start of today’s trading session, the 4-hour price chart for Binance coin price analysis indicates bearish progress in the last four hours as price levels continue to decline. Bears appear to be getting stronger as selling pressure keeps increasing, and the currency hasn’t yet found support. The coin is going through a significant correction, and the price function has been moving lower.
Bollinger bands are expanding on the 4-hour chart, with the upper band at $344 and the lower band at $325. The price has moved below the lower band, which is a powerful bearish indicator for the direction of future trends. The relative strength index, which is now at index 39 and is still in the lower neutral range, is moving downward close to the undersold zone.
Binance Coin price analysis: Conclusion
Given the significant bearish activity that has been recorded today, the Binance coin price analysis indicates a bearish trend. Although the majority of technical indicators are still in favor of the bullish side, we anticipate that the bearish trend may worsen as the RSI approaches the undersold range on the 4-hour chart.
