The BNB/USD trading pair corrected downwards violently on the 24-hour chart from the market opening price of $309 to the $ 291-floor support. Binance coin bears aim to crash the 20-day exponential moving average and sink the price of BNB/USD to $276 – $264 lowers the demand zone. Quite unfortunate, the price is already way below the 20-day EMA, and the bulls are attempting to build up support around $291 and $295. For another uptrend to gain support towards the $300 mark, buyers need to come in by volume and exceed the crucial resistance level lying at $296.
Our Binance Coin price analysis reflects a bearish market that could result from heating inflation numbers across traditional assets and stocks. Nonetheless, some industry experts see the rising inflation rates as a bitcoin (or any other digital currency) buy signal. Binance coin usually prides in large volumes of dip investors who are always betting the price will recover. Therefore, the bulls have some hope to overturn the downtrend and shoot backward above $305.
A bearish triangle began taking shape on Monday and building lower correction signals at the $334 mark. The descendant triangle ends at $290, and any further weaknesses beneath this point could result in devastating losses. Chances are less of retesting levels below this point into the $280 zone; buyer volumes are more likely to gain momentum and create a positive uptrend against two price hurdles at $296 and $300.
At the start of June, Binance Coin was already trading at the higher zones between $420 and $430. Buyers were then eager to retest the yearly high at $691 before facing surmounting selling pressure by mid-month. The coin dropped to the present bullish target at $334 on June 15, corrected sharply on June 21 to $226 before recovering to $340 at the start of July.
Recently, attempts by the bulls to recover the price from the $298 level to $340 missed the mark by a few points before slumping below $300 again on the 24-hour chart. Sellers are currently more than eager to hijack any upward trajectory and pull the price into the $280 – $300 level. A downsloping moving average is strongly supporting the bearish rally and increasing selling pressure, thereby building up more resistance around the current support.
According to the Binance Coin price analysis on the 4-hour chart, BNB/USD is undergoing short bullish gains between $291 – $295. At the time of writing, the price is up to $294, and chances are high of eliminating all short-term losses. The early morning downtrend could overturn the price movement into a medium-term accumulation phase and save the bulls.
The relative strength index is near the 30 levels and slopping upwards. The market choppiness index is high, with chances of high price movements in the next 24 hours.
The current price level is not a tight range, and any time over the 2-day chart, BNB could recover back to the $300 level. However, the traders require a solid breakout signal to build up buyer confidence and pull the price from the $289 danger zone. The bears are still staying strong with their higher lows target and could attempt to correct the price to $275. As momentum builds upon the short-term price analysis, Binance Coin is likely to have its first stop at around $296.
This post was last modified on July 14, 2021 8:53 am
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