Binance Coin price analysis suggests downwards movement to $280The closest support level lies at $290BNB faces resistance at the $310 mark
The Binance Coin price analysis shows that the BNB price action has fallen down to the $290.00 support where the bulls are trying to hold the bearish pressure at bay.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include AVAX and DOT, recording a 4.30 and a 4.78 percent incline, respectively.
Binance Coin price analysis: BNB falls to the $290.00 support
Technical indicators for BNB/USDT by Tradingview
The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum as expressed in the red colour of the indicator. However, the lighter shade of the histogram suggests an increasing bearish momentum as the price struggles to defend the $290.00 support level.
The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. However, the EMAs move close together suggesting low momentum across the timeframe. Moreover, the diverging EMAs suggest an increasing bearish pressure for the asset.
The RSI briefly rose to the overbought region but has since gone back into the neutral region as BNB got rejected at the $310 price level. Currently, the index is trading at the 40.93 mark showing steady low momentum on either side with downward slope suggesting an increasing bearish activity in the markets.
The Bollinger Bands are expanding at press time as the price action observes bearish activity near the lower limit of the asset. However, as the price action stabilizes at the level, the bands would start converging suggesting dropping volatility. The indicator’s bottom line provides support at the $286.7 mark while the upper limit presents a resistance level at the $307.7 mark.
Technical analyses for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a sell signal, with 11 of the 26 major technical indicators supporting the bears. On the other hand, only six of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Binance Coin price analysis does not share this sentiment and instead issues a buy signal with 14 indicators suggesting an upwards movement against two suggesting a downward movement. The analysis shows a struggle for dominance between the bulls and the bears across the daily charts. Meanwhile, the remaining 10 indicators remain neutral and do not issue any signals at press time.
What to expect from Binance Coin price analysis?
4-hour price chart by Tradingview
The Binance Coin price analysis shows that the Binance Coin market is enjoying a strong bullish rally as the price rose from $240.00 to the current $290 in the last 20 days. Currently, the price is facing strong bearish pressure at the level but the bulls hold strong at the $290.00 support level causing a short-term stalemate at the level.
Traders should expect BNB to move down toward the $280.00 mark as the short-term technicals support the bears. However, further downward movement is unlikely given that the asset is still bullish across the daily charts. As such, the price of Binance Coin can be expected to trade between the $280 and the $300 marks for the next few days.