- Binance Coin price analysis suggests another attempt at $440
- BNB faces resistance at the $440 mark
- The closest support level lies at $420
The Binance Coin price analysis shows that BNB has made a swift recovery from the $330 lows to the current level above the $420 mark. However, the buyers face strong resistance at the $440 mark that rejected the trend yesterday and today the price seems to be moving downwards.
The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include LUNA and SOL recording a 12.1 and a 5.93 percent incline respectively.
Binance Coin price analysis: Bulls need to defend $420 mark
Across the technical indicators, the MACD was bullish until now as exhibited by the green histogram. However, the indicator expressed a bearish crossover in recent hours as BNB faced a rejection from the $440 mark. Currently the bearish momentum is very low and might show a bullish cross if the bulls make another attempt at $440.
The EMAs are currently very high leaning towards the buyers but show a decline as the two converge. Currently the EMAs are moving downwards as the 26-EMA takes over the 12-EMA showing a crossover. The next few hours would show whether the market is moving bullish or bearish.
The RSI is currently high and trading at the edge of the overbought region. The indicator’s high position shows high buyer activity. but leaves little to no room left for further upwards movement without a trend correction. Currently, the indicator is moving horizontally showing a lack of dominance as both sides struggle to direct the BNB price.
The Bollinger Bands are currently wide as BNB observed high price volatility over the last few days. However, as the price volatility has dwindled in recent hours, the Bollinger Bands can be expected to observe a sharp convergence as the BNB price stabilizes around the $430 mark.
Technical analysis for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a buy signal as 14 of the 26 major technical indicators support the bulls across the timeframe. On the other hand, only three indicators support the bulls showing low selling activity in the markets. Meanwhile, the remaining nine indicators sit on the fence and do not issue any signals at press time.
The 24-hour Binance Coin price analysis accentuates this sentiment and also issues a sell signal with 14 of the indicators suggesting an upwards price movement against only two indicators supporting the bulls across the timeframe. At the same time, ten indicators remain neutral and do not support either side of the market.
What to expect from the Binance Coin price analysis?
The Binance Coin price analysis shows that the bulls are currently resting above the $420 mark before making another attempt at the $440 resistance. The mid-term technical analyses support this suggestion while the short-term technical indicators suggest a period of low volatility across the short-term charts as the bull gather momentum. However, it is important for the bulls to defend the $420 support to prevent a downwards movement for the market.
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