TL;DR Breakdown
- Binance Coin price analysis is bullish today.
- BNB/USD saw another selloff yesterday.
- BNB/USD pair is currently trading at $432.
The BNB/USD pair has seen extreme bearish sentiment over the past few weeks. Today’s price action is encouraging, as it shows signs of a bullish reversal. Bullish momentum seems to be gaining traction today with increased buying volume. A breakthrough resistance at $448 would encourage Binance Coin price appreciation.
Bullish momentum seems to be gaining traction today with increased buying volume. A breakthrough resistance at $448 would encourage Binance Coin price appreciation.
The BNB/USD pair is currently trading at $432. The price hit a low of $421 yesterday, a significant level of support that was tested several times during the past few weeks. Bullish buying pressure has consistently pushed for higher highs above the previous resistance level at $448. It seems likely that this will continue as the buy volume is high today.
A breakthrough resistance at $448 would be very encouraging for price appreciation. A breakout above this level may open the door to further gains, with the next significant resistance being found at $519. It’s possible that Binance Coin could reach this price point if sentiment continues to remain bullish in the coming weeks.
These bullish signals indicate that Binance Coin is set up well for a potential continuation of the uptrend from early February. A retest of resistance at $448 will also be a strong bullish signal, as it would likely cause a significant breakout above this level.
BNB/USD 4-hour chart: Bullish signals
On the 4-hour chart, Binance Coin has made a significant comeback today as it approaches previous support at $430.
The RSI indicator has moved back above the 50 line after testing it several times. Also, the MACD indicator is showing a bullish crossover with a new crossover signal being formed.
The BNB/USD pair should continue to be bullish in the coming days, with the price targeting $448 as an initial resistance level. A breakout above this point could open doors for further gains towards $519 in the short term.
The $460 mark proved to be a psychological barrier. A fast drop of 10% took the market down to $460, where some reaction was visible. On the other hand, Bears quickly gathered together to break even further lows, with the $440 level checked next.
Another quick increase of 10% over the weekend has pushed the Binance Coin price up to $415, resulting in a total loss of 22 percent since the yearly high of about $533. We expect a retracement as a result of this.
Binance Coin Price Analysis: Conclusion
Binance Coin price analysis is bullish today, as we expect the market to retrace some of its losses from yesterday. BNB/USD is likely to test the previous support at $440 as resistance ahead.
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.
