- Binance price analysis is bearish today.
- BNB/USD gained around 35 percent overnight.
- Resistance at $445 is currently tested.
Binance‘s price analysis is negative today, as we witnessed a large increase during the day, pushing through $445 as the next significant barrier. We expect bulls to run out of steam later today, resulting in a retracement.
Binance (Binance) had a fascinating price hike yesterday, ascending more than 35 percent overnight to reach a high at $445. This price has been retracted at writing, and we see strong support at $423.
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Binance price movement in the last 24 hours: Binance rises to $457
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. This means that the selloff is more likely to continue than reverse. Price also appears to be finding support at the broken channel top and the 100 SMA dynamic inflection point, as well as another shorter-term downside 1.414 Fibonacci Extension level (drawn in red) around $423.
BNB/USD technical analysis: RSI and Stochastic both pointed skyward earlier after finding their footing above the oversold region but are now topping out and ticking lower to reflect a return in selling momentum. Binance is testing for resistance for the third time in the last three weeks at $445. BNB/USD is trying to claw its way above this level, but sellers look to be in control for now. I expect a retracement later today when the bears return and finish off their short-term correction before going higher again tomorrow.
Bearish momentum seems to have returned, and Binance is now trending lower. Price is testing the $430 support, which aligns with a short-term bearish 1.414 Fibonacci Extension level (drawn in red) and the middle of the channel closer to $443.
BNB/USD 4-hour chart: Binance starts to retrace?
We can see resistance for additional gains on the 4-hour chart as Binance price action begins to retreat below $420.
BNB/USD, 4-hour chart Analysis Binance finds resistance at $445 currently. Binance finds resistance at $445 currently. While the most likely path is to the downside, for now, both indicators are signaling that a bullish momentum reversal could happen pretty soon. The 100 SMA is above the longer-term 200 SMA, but the gap is narrowing to indicate a downward crossover. Stochastic has reached overbought conditions to reflect exhaustion among buyers right now, while RSI didn’t even hit 70 yet to showroom for further gains. The most likely path is to the downside for now as the price finds resistance at $445 currently.
After a modest retreat late yesterday, a powerful surge high began today, pushing Binance price action up more than 35 percent and establishing a solid new high just below $460. Bulls are now likely exhausted. Therefore we anticipate seeing retracements over the next 24 hours.
Binance Price Analysis: Conclusion
A price analysis of Binance is bearish today, as we anticipate a retracement following a very strong move higher over the previous hours. As a result, BNB/USD should be subjected to downward pressure over the next 24 hours.
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