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Binance Coin price analysis: Can Bulls hold $420 support?

Cryptopolitan


TL;DR Breakdown

  • Binance Coin price is expected to
  • BNB faces resistance at the $ mark
  • The closes support level lies at $

The Binance Coin price has faced rejection at the $435 mark that has caused the price action to move back towards the support at $420 earlier today. Since falling to the level, the bulls have made multiple attempts at breaking past the $435 mark to no avail, and the price has continued oscillating between the two key levels. 

The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record losses in their prices over the period. Major players include VeChain and Stellar Lumens, recording a 7.1 and a 6.9 percent decline, respectively.  

Technical indicators for BNB/USDT: Traders look for support at $415

Across the technical indicators, the MACD shows confusion in the markets as the two EMAs exhibit multiple crossovers in the last 24 hours. Overall, the momentum remains low on both sides as both the bears and the bulls struggle for market dominance. The indicator would remain neutral as the Binance Coin price continues oscillating between the $420 support and the $435 resistance level. 

The RSI had entered the overbought region as reported yesterday, but since the rejection at the $435, the indicator has returned below the 60.00 index level. The indicator’s zigzag moving pattern highlights the lack of momentum on either side of the market. Meanwhile, the current position provides the Binance Coin price room for movement in either direction.

The Bollinger Bands’ mean line provides strong support to the Binance Coin price action enabling the buyers to defend the $420 level. However, the bulls struggle to break past the indicator’s upper limit and BNB continues oscillating in the region. 

Overall, the 4-hour technical analysis issues a buy signal showing bullish strength at the current price level. The analysis shows 12 of the 26 major technical indicators in support of an upwards movement for the Binance Coin price. On the other hand, only five of the indicators issue sell signals, suggesting a low bearish presence at the current level. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals supporting either side of the market. 

The 24-hour technical analysis shares this sentiment, also issuing a buy signal showing a positive outlook for the Binance Coin price action across the mid-term charts. The analysis shows 14 indicators suggesting further upwards movement for the Binance Coin price action against only three indicators suggest a downward price movement. Meanwhile, eight indicators remain neutral at the time of writing. 

What to expect from the Binance Coin price?

Since yesterday the indicators have shifted towards the bears suggesting an increasing bearish pressure across the short-term charts as market dominance shifts. The majority of the selling pressure comes from the drop in Bitcoin’s price.

Traders should expect the Binance Coin price to rise towards the $450 mark as the mid-term technical analyses show strong support to the bulls. However, BNB may be expected to linger below the $435 mark for a while before moving upwards. Conversely, if the price falls below the $420 mark, the buyers need to defend the $400 level to prevent further bearish movement.



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