Binance Coin price analysis has been quite bearish today. The market closed at $337.5 yesterday after which it plunged to $333.5, which is a big enough difference from BNB’s standards. However, it is still in the range of $326 and $347, and is yet to test the support level.
The crypto heat map above shows us a good look of the bearish conditions in the market today. Overall, Bitcoin decreased by almost 1.76 percent. Ethereum also decreased by almost 4 percent. We can see that the overall reduction in Binance Coin is around 1.29 percent.
Based on the daily price chart, we can see that the Binance Coin price analysis has a very bearish sentiment. The coin remained bullish predominantly between 12th and 17th of March, 2023. However, that short rally upwards has already ended and Binance Coin appears to be preparing for the downside.
Binance Coin 24-hour price movement
Binance coin closed at 337.5 yesterday. Right now, its price is at $333. It has remained within this range today. Hence, the market has not been particularly volatile in the last 24 hours. Overall, Binance Coin’s market cap went down by 1.12 percent while its trading volume also decreased by 3.37 percent. So, the current 24-h volume to market-cap ratio is 0.013.
4-hour Binance Coin price analysis
The 4-hour Binance Coin price analysis gives us similar indications as its daily chart. We can see that the MACD indicator suggests a downwards momentum in the market. At the same time, the RSI line is also rapidly declining, which means that the traders are selling their assets very quickly in the current interval.
Binance Coin price analysis: Conclusion
Right now, everything suggests that the Binance Coin market is moving towards the downside. So, there is still room for its price to fall. As a trader, it may be worthwhile to wait until some stability can be observed in the MACD and RSI indicators. As soon as the market becomes balanced, there can be a potential for recovery. Until then, how about you take a quick look at our long-term Binance Coin price prediction?
