logo

Binance Coin price analysis: BNB not ready to move above $700 resistance.

Binance Coin Price

TL;DR Breakdown

  • Binance Coin price is expected to fall below $600
  • The closest support level lies at $600
  • BNB faces resistance at the $650 mark

Binance Coin has broken above the $610 mark, and strong bullish momentum has carried the price to challenge the $670 mark. BNB records an over 10 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile movement for the Binance Coin price.

The broader cryptocurrency market enjoys a bullish sentiment across the last seven days, with most major cryptocurrencies recording profits across the timeframe. Major players include DOGE and DOT that record a 33.37 and a 9.07 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 2.46 and a 32.26 percent hike.

Technical indicators for BNB/USDT

Binance Coin price analysis: BNB not ready to move above $700 resistance. 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator was in the bearish region on March 8th but has grown bullish again and is just below the 6.00mark. Across the EMAs, 12-EMA is trading above the 26-EMA with a high slope and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little above the 64.00 mark but does not issue a signal. The indicator has been trading in the neutral zone for the past six days. At press time, the RSI has again had a small spike towards the overbought region, suggesting an increasing bullish presence at the current price level and suggesting that the buyers are fighting back.

The Bollinger bands at press time are narrow; however, as the last few candlesticks are green, the bands will expand further in the immediate future. As the price breaks above the ascending channel and the bulls take charge of the market momentum, it will cause the volatility of the BNB price to increase in the short term. As the price trades near the indicator’s upper limits showing bullish presence.
.
Overall the 4-hour technical analysis issues a buy signal with 17 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, zero 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 14 of the 26 indicators suggesting a bullish movement against only two indicators suggest a bearish retracement. Meanwhile, ten 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 $700 resistance. 2
4-hour price chart by Tradingview

Traders should expect the Binance Coin price to move downwards towards the $600 mark as BCH struggles to find a support level for upwards movement. Binance Coin price action may fall to the $550 mark before recovering to challenge 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.

Related News

Hot Stories

Filecoin price analysis: FIL moves back above $5 after 12 percent decline yesterday
MicroStrategy expected to report revenue of $131m in Q4 earnings report
Bitcoin price analysis: BTC gains momentum above $23,000 after a bullish surge
Ethereum price analysis: ETH/USD recovers back to $1,593 after a bullish  breakout
Court approves BlockFi's plan to sell its crypto mining equipment

Follow Us

Industry News

MicroStrategy expected to report revenue of $131m in Q4 earnings report
Court approves BlockFi's plan to sell its crypto mining equipment
Fidelity Investment's crypto chief leaves position
Celsius operations model mislead investors: Reports
OpenSea Vs Blur: Who is winning the NFT marketplace game?

Add Your Heading Text Here