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Binance Coin price analysis: BNB bulls recover $379 range as bullish momentum escalades

Binance coin price analysis BNB bulls recover range as bullish momentum escalades

TL;DR Breakdown

  • Binance Coin price analysis shows intensifying bullish signs.
  • The BNB/USD found support at $366.
  • Resistance is present at $384.

The Binance Coin price analysis is on the bullish side today. Bulls have recovered a good range from $332 to $379 during the last 30 hours. The bullish momentum that started yesterday is powerful enough that it recovered the losses of the last five days. The price went as high as $380 at one point, but then the cryptocurrency started correcting and is trading hands at $379 at the time of writing.

The support is present at $366, followed by stronger support of $332; in contrast, resistance is present at $384, followed by another resistance of $409. Overall, BNB/USD gained a value of a whopping 11 percent over the last 24 hours, which balances the loss incurred during the previous week.

The broader cryptocurrency market is also bullish today as Bitcoin shows a three percent gain in value standing at $43657, Ethereum shows four percent gains with a $3039 price tag, and most altcoins also report bullish market sentiment, with Binance Coin and Axie Infinity still topping the list, reporting 11 and 10 percent gains, respectively.

BNB/USD 1-day price chart: Can bulls surpass the resistance of $384

The 1-day price chart for Binance Coin price analysis shows a significant increase in price. As BNB/USD is floating at the $379 level, selling pressure is also coming in from traders, who fear another short-term price drop after the steep spike in price.

Binance Coin price analysis: BNB bulls recover $379 range as bullish momentum escalades 1
BNB/USD 1-day price chart. Source: Tradingview

The volatility is almost consistent, as is evident by the movement of the Bollinger bands, with the upper-end present at the $444 mark and the lower-end present at the $320 mark. The price has increased quite near the mean line of the Bollinger bands, which is present at the $382 mark.

The relative strength index (RSI) is almost at the center of the neutral zone at 47 index but shows an upwards movement, indicating still there exists some support to counter the selling pressure. While the indicator also shows quite a leeway for the buying activities to take place.

The MACD shows decreasing bearish trend as the histogram color has lightened and the bars are getting shorter. But it will turn green only if BNB/USD crosses the resistance of $384 and sustain the position for some time.

The Binance Coin price analysis: RSI takes a turn indicating selling pressure

The 4-hour price chart for Binance Coin price analysis shows, bears are again trying to take over the price function as the selling pressure has started, after the surge in price, when it went above the upper limit of the Bollinger bands.

Binance Coin price analysis: BNB bulls recover $379 range as bullish momentum escalades 2
BNB/USD 4-hours price chart. Source: Tradingview

Moreover, the volatility is increasing as the Bollinger bands are expanding at a high rate, with the upper band at $380 and the lower band at $320, making an average at $350 below the price level. The relative strength index (RSI), after climbing up, has taken a turn and is now hovering at 65 index, near the oversold limit, but might come down in the coming hours.

The moving average (MA) is present below the price level at the $360 mark. The short-term MA10 and EMA10 also show bullish crossovers, while the mid-term MA and EMA are still bearish.

Binance Coin price analysis: Conclusion

The price charts and technical indicators for Binance Coin price analysis represent a bullish picture. Despite the correction happening at the moment, there are avid chances of a breakout above $384 if BNB/USD pair gathers enough consolidation from the bullish side. The increase of more than 80 percent in trading volume also provides grounds for an up move in the coming hours. If the selling pressure persists, we still expect the BNB/USD to remain above $360.

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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