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Binance Coin price analysis: BNB to retest $675 resistance

Binance Coin Price

TL;DR Breakdown

  • Binance Coin price is expected to rise to $700.
  • The closest support level lies at $600.
  • BNB faces resistance at the $675 mark.

Binance Coin price has broken above the $600 mark, and strong bullish momentum has carried the price to go past the $650 mark. BNB records an over 18 percent price hike across the last seven days showing strong bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market enjoys a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. The major players that recorded a loss include Ripple‘s XRP, and DOT that record a
2.1 and a 0.78 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a 1.94 and a 1.53 percent decrease.

Technical indicators for BNB/USDT

Binance Coin price analysis: BNB to retest $675 resistance 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the Binance Coin price stayed just below the 8.00 mark. Across the EMAs, the 26-EMA still trades above the 12-EMA, the difference between the two is significant, and they won’t show a reversal any time soon.

The RSI is currently trading in the neutral zone a little above the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past two days, and since March 3rd, the indicator has been going down, seeing steady bearish momentum. However, recently the RSI has had a small spike towards the oversold region, suggesting an increasing bullish presence at the current level.

The Bollinger bands are currently wide and will expand rapidly in the immediate future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the BNB price in the short term. Meanwhile, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15 of the 26 indicators suggesting a bullish movement against only one indicator suggests a bearish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Binance Coin price?

Binance Coin price analysis: BNB to retest $675 resistance 2
4-hour price chart by Tradingview

Traders should expect the Binance Coin price to reclimb to the $675.00 mark as the price tries to reach the $700 mark. The short-term technical indicators show buyer support at the price level while the mid-term analyses remain bullish, suggesting a breakthrough above $700 for the Binance Coin price.

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.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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