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Binance coin price analysis: BNB crashes to $292 after strong bullish fight around $300

BNB

TL;DR Breakdown

  • At the time of writing, Binance coin is trading at $292
  • Binance opened the daily trading chart at a price of $295 against the US dollar
  • BNB rallied from a $270 higher low on the 5-day chart to yesterday’s $315 peak

Binance coin price analysis: General price overview

Today’s Binance coin price analysis is somewhat bearish after facing rejection at $315 as we approached yesterday’s close on the Asian session. The term ‘Somewhat’ because the bearish trendline is a continuation of sellers trying to break even after BNB rallied from a $270 higher low on the 5-day chart to yesterday’s $315 peak.

Unfortunately, the bulls failed to sustain the uptrend and missed their 20-day exponential moving average target by 5-points. The uptrend indicates the bull’s optimism to close higher highs and thrust the 50-day simple moving average at $383. Meanwhile, the RSI has been oscillating between the neutral and overbought region for the better part of the 24-hour trading chart. 

The moving average convergence divergence has also marked a bearish crossover on the 4-hour chart – bulls are anticipating the price action to break out above the neckline of the H&S pattern (Head and Shoulder) created after Binance coin touched the 2-day high. If the price manages to break out, all bearish forces are likely to be invalidated and the price consolidating at the critical support at $307. 

Binance coin price movement in the last 24-hours

Binance opened the daily trading chart at a price of $295 against the US dollar. The coin got rejected on the 1-hour chart at the $300 and dropped sharply to $293. Volatility across the daily chart is pretty low with a difference of 11 points between the intraday high of $303 and the intraday low of $291. The bulls put forward a strong fight against the bears around $300 before giving in to selling pressure and losing 1.72 percent within the daily session.

There is a lot of buyer activity around $294 which suggests the price level is an crucial accumulation point. This level is also the main support at which the bulls consolidated an upward momentum in preparation of their next target at $300. 

Binance coin price analysis
Source: TradingView

Binance coin 4-hour price chart

At the time of writing, Binance coin is trading at $293. The 4-hour price chart is bearish for this Binance coin price analysis. Meanwhile, the bulls are attempting to overturn the downtrend and recover the 20-day exponential moving average at $320. Last week’s higher low lies at $264, which is a likely next target for the bears. Such a drop could invalidate the bulls between $295 – $300 and stretch a downtrend towards the lower levels around $120.

Binance coin price
Source: TradingView

Binance coin price analysis conclusion

The Binance coin could be in a quest to build another support between $295 and $300 due to bearish weaknesses that have overwhelmed the market for the last few weeks. There were signs of recovery across all markets, but tightening regulations could be delaying the recovery. 

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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