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Binance coin price analysis: Bulls sit on the fence as price action sluggish below $402

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TL;DR Breakdown

  • Red candlestick are ruling this week’s price chart.
  • Resistance level is found at $402.27.
  • Binance coin price analysis shows support at $379.26.

Binance coin price analysis shows major decline at $402.76

The 4-hours Binance coin price analysis is showing a relatively bearish momentum today. The price levels continue to fall as the short-term trending line is going in the downward direction. The Bollinger bands are narrowing down that may be a good sign for the cryptocurrency market. Their average is set at $300.908, with their upper strand present at the $420.553 price level while the lower strand is at $379.36. Also, it seems that the SMA 20 will soon go below SMA 50, which is also a bearish indication.

BNB/USD 4-hours price chart. Source: TradingView

The moving average tells us about the collective average as calculated during the past week, at $406.63. The Relative Strength Index (RSI) score is at 55.53, which is a very neutral figure, and surprising trends can be expected in the future.

1-day Binance coin chart: Downward price movement dominates

The 24-hours progress on the BNB/USD price analysis chart is proving favorable for the bears with a resistance of $402.27. The volatility is increasing for the bearish momentum, and the future price trends can be similar. The statistics reveal that the moving average (MA) is showing us a value of $380.56, while the Bollinger bands are at an average of $351.35.

Binance coin price analysis: Bulls sit on the fence as price action sluggish below $402 2
BNB/USD 1-day price chart. Source: TradingView

On the other hand, the RSI score is hitting the over-bought mark with a value of 70.54, as there have been bullish comebacks during the past week. Lastly, the mentioned values of Bollinger bands are as such; the lower value is $287.6, whereas the upper value is $414.73, as extracted from the chart.

Binance coin price analysis: Bulls sit on the fence as price action sluggish below $402 3
BNB/USD technical indicators chart. Source: TradingView

Today’s market has shown a strong battle between the buyers and the sellers, with both combating to take over the market. The summary reveals a buying momentum, with five selling indicators, seven neutral, and a total of 14 as the buying indicators. If we move on and talk about the Moving Averages indicators, then it shows the following figures; thirteen indicators are at buying position, one indicator stands neutral while the remaining indicator is at the selling position.

The BNB/USD technical indicators chart is also telling us the trends of oscillators today. There is a strong selling momentum, with more sellers approaching the market and selling assets to cover their losses. According to the latest analysis, four oscillators are in the selling state, six at the neutral, while only one oscillator is in the buying state.

Conclusion – Bulls await clear buy signals

The overall trends observed in today’s market have favored the sellers who are the dominating participants. The resistance value is gradually declining and may proceed to go lower than today’s price, i.e., $402.27. If the current uptrends follow, then there is an adequate possibility that the support levels will go even below $287.58. But if the bulls succeed in taking the lead, then the resistance level can be crossed, and a new high can be achieved above $414.73.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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