- Binance Coin price analysis suggests downwards movement to $280
- BNB faces resistance at the $310 mark
- The closest support level lies at $300 and further below at $290
The Binance Coin price analysis shows that BNB was unable to break above the $310 mark and retraced to the $300 key support level. BNB is observing low volatility as the price action stagnates around the $300 mark with either side unable to make a breakout.
The broader cryptocurrency market observes a mixed market sentiment over the last 24-hours as most major cryptocurrencies record mixed price movements. Major players include AVAX and MIR recording a 6.6 percent incline and a 9.7 percent decline respectively.
Binance Coin price analysis: BNB returns to $300
The MACD is bullish at press time as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as observed in the low height of the indicator. Furthermore, the light green color indicates a declining bullish momentum as the price retraced from $310 to $301 where it currently trades. If the price continues to fall below the $300 movement, the MACD can be expected to show a bearish crossover.
The EMAs are currently trading close to the mean position as the Binance Coin price analysis observes low net movement over the past few days. The two EMAs are currently close together as the short-term charts observe a crossover. The 12-EMA is moving downwards as recent hours observe strong selling activity while the 26-EMA moves horizontally as net movement remains low.
The RSI is trading inside the neutral zone and has been trading in it for the past week. Currently the RSI is trading below the mean line at 50.00 and hovers near the 40.00 index unit level. The current position leaves room for volatile movement across the short-term charts. However, the horizontal slope suggests a lack of pressure from either side of the market.
The Bollinger Bands are narrow at press time showing low volatility for the Binance Coin price action. Furthermore, the bands are converging as BNB returns towards the indicator’s mean line. Currently, the lower limit provides support to the bulls at $291.50 while the mean line acts as a resistance level at $306.1.
Technical analyses for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a sell signal with 15 of the 26 major technical indicators supporting the bears. On the other hand, only one indicator supports the bulls showing little to no bullish presence in recent hours. At the same time, 10 indicators sit on the fence and support neither side of the market.
The 24-hour Binance Coin price analysis shares this sentiment and also issues a sell signal with 13 indicators suggesting a downwards breakdown against only three indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance while showing low buying activity for the asset. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Binance Coin price analysis?
Binance Coin price analysis shows that after falling from the highs of $330 to the $300 support level, BNB has been unable to leave the $300 support level despite multiple attempts by the bulls. As such, the price action has stagnated at the level and the bearish pressure has only increased.
Traders can expect BNB to fall below the $300 mark as the selling activity increases. As such, the price can be expected to fall to the $280.00 mark before stabilizing. The suggestion is reinforced by the mid-term technical analyses that are also highly bearish. Further downwards movement is unlikely as trade volume remains low.