Binance Coin price analysis suggests an upwards movement to $350The closest support level lies at $300BNB faces resistance at the $349 mark
The Binance Coin price analysis shows that the bulls found strong support at the $300 mark to initiate a trend reversal. Currently, the price has recovered to $325, with the bullish movement expected to continue across the short term.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include LUNA and XRP recording a 44.42 and a 6.24 percent decline respectively.
Binance Coin price analysis: BNB recovers $325
4-hour price chart by Tradingview
Across the technical indicators, the MACD is currently bearish, as expressed in the red color of the histogram. However, the lighter shade of the histogram shows a declining bearish momentum as the bears fight back to take control of the price action across the daily frames. If the buyers continue applying pressure, then the indicator can be expected to observe a bullish crossover across the short term.
The EMAs are currently trading low as the Binance Coin price analysis shows a net bearish price movement over the past five days. However, the 12-EMA has reacted to the recent price movements and now moves upwards at a steep slope converging with the 26-EMA. If the price recovers to $350, the EMAs will show a bullish crossover.
The RSI has been trading low near the oversold region since 5 May, showing a bearish trend across the mid-term charts. The indicator dived into the oversold region yesterday as the selling pressure increased. However, as the selling pressure exhausted, the bulls took over, and the RSI observed a spike back to the neutral region where it currently trades.
The Bollinger Bands were wide yesterday but now show some convergence as the Binance Coin price moves back towards the indicator’s mean line. At press time, the indicator’s bottom line provides support to the bulls at $300, while the mean line presents a resistance level at $349.30.
Technical analysis for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a sell signal, with 13 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only three of the indicators support the bulls, showing a low bullish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.
The 24-hour Binance Coin price analysis shares this sentiment and issues a sell signal with 14 major technical indicators suggesting movement downwards against only five of the indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing a slight bullish pressure across the mid-term charts. At the same time, seven indicators remain neutral and do not support either side of the market.
What to expect from the Binance Coin price analysis?
4-hour price chart by Tradingview
The Binance Coin price analysis shows that after finding strong support at the $300 mark, the bulls showed swift action and initiated a rally raising the BNB price to $325. The sharp bullish pressure may exhaust soon, or it may be the start of another bullish rally, raising the price back to the $500 level. Traders should keep a lookout for the key level at $350.
Currently, traders should expect the Binance Coin price analysis to move upwards to the $350.00 mark. Although the mid-term analyses remain bearish, if the buyers are able to breach $350 and maintain a support level above the mark, the bulls will be able to initiate a bullish rally. On the other hand, rejection at the level may mean sideways movement around the $320 mark.