- Binance Coin price is expected to fall back to $400 support before rising towards $450
- The closest support level lies at $410
- BNB faces resistance at the $430 mark
The Binance Coin price found support at the $400 price level yesterday, which enabled the buyers to gather momentum to break past the $420 resistance level. While the bulls show clear market dominance, the price action still finds strong resistance at the $430 level. Meanwhile the technical indicators suggest a correction before further upwards movement.
The broader cryptocurrency market observes a bullish market sentiment across the last 24-hours as most major assets record a positive price action across the period. Major players include Solana and Dogecoin, recording a 36.51 and an 11.81 percent incline, respectively. Meanwhile, Bitcoin and Ethereum also record a hike of 3.25 and 4.30 percent in their prices.
Technical indicators for BNB/USDT: BNB may observe a correction at $425
Across the technical indicators, the MACD has recently exhibited a bullish crossover as the 12-EMA rose above the 26-EMA. Currently, the two EMAs are diverging at a steep gradient showing strong buyer pressure in the markets as the Binance Coin price breaks past the $420 mark towards the $450 level. However, the stark difference between the two EMAs leaves room for volatile activity.
The RSI is currently neutral but edges near the overbought region as the indicator trades near the 70.00 mark. The RSI is currently moving upwards as the buyers continue with the strong bullish movement. However, the RSI suggests further upwards movement would mean a fall back to the support level at $410. Overall, the RSI is neutral but would soon issue a sell signal suggesting movement downwards.
The Bollinger Bands are currently narrow but show expansion as the Binance Coin price breaks above the channel. Currently, the indicator’s mean line provides a rising support level for BNB while the upper limit acts as resistance. Overall, the indicator suggests increasing volatility for the Binance Coin price action.
Overall, the 4-hour technical analysis issues a strong buy signal showing bullish dominance at the current price level. The analysis shows 16 of the 26 major technical indicators in support of an upwards movement for the Binance Coin price. On the other hand, none of the indicators issue sell signals, suggesting a lack of bearish presence at the current level. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals supporting either side of the market.
The 24-hour technical analysis shares this sentiment, also issuing a buy signal showing a positive outlook for the Binance Coin price action across the mid-term charts. The analysis shows 15 indicators suggesting further upwards movement for the Binance Coin price action against only four indicators suggest a downward price movement. Meanwhile, eight indicators remain neutral at the time of writing.
What to expect from the Binance Coin price?
Traders should expect the Binance Coin price to rise towards the $450 mark as the mid-term technical analyses show strong support to the bulls. However, BNB should be expected to observe a correction at the current level towards the $400 support as the short-term technician indicators show bearish pressure in recent hours.