Binance Coin price analysis: BNB not ready to move above $650

Binance Coin Price C

TL;DR Breakdown

  • Binance Coin price is expected to observe sideways movement.
  • The closest support level lies at $610 and further below at $600.
  • BNB faces resistance at the $650 mark.

After climbing to the $675.0 mark, the Binance Coin price failed to continue its bullish rally, and the price has stagnated ever since. While the buyers defend the price at the $624 mark, at press time, the bearish pressure is still there, and the Binance Coin price may fall further if the selling continues.

The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major player includes Ripple‘s XRP, and Dogecoin that record a 3.38 and a 94.51 percent increase respectively. Meanwhile, Bitcoin and Ethereum record a 3.97 and a 24.91 percent hike.

Technical indicators for BNB/USDT

Binance Coin price analysis: BNB not ready to move above $650 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 price struggled to drop to just above the $620 mark. Across the EMAs, the 26-EMA trades above the 12-EMA, the difference between the two is significant while both EMAs fall.

The RSI is currently trading in the neutral zone a little below the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past four days. At press time, the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.

The Bollinger bands are currently wide and are expanding rapidly as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Binancecoin price in the short term. However, as the price is consolidating below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks.

Overall, the 4-hour technical analysis issues a sell signal with 10 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only seven indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis does not share this sentiment and issues a buy signal with 13 of the 26 indicators suggesting a bullish movement against only three indicators suggest 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 not ready to move above $650 2
4-hour price chart by Tradingview

Binance Coin price is currently consolidating at the $420 mark showing low volatility towards either side. The short-term technical indicators are bearish but suggest a bullish reversal, while the mid-term technical analyses support the bulls. The trading volume is low at the moment, which has caused the price action to stagnate. As such, traders should expect a brief consolidation at the current level before the Binance Coin price action climbs towards the $700 mark.

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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