- Binance Coin price analysis suggests further downwards movement to $620
- The closest support level lies at $640
- BNB faces resistance at the $650 mark.
The Binance Coin price analysis shows that after failing to climb above the $660.00 mark, the sellers broke the $650.00 support level as BNB returned to the $640.00 mark. While the buyers defend the $640 support, the selling pressure has not declined significantly.
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 VET and LTC recording an 8.43 and a 4.95 percent incline, respectively.
Binance Coin price analysis: BNB falls to $640, what’s next?
Across the technical indicators, the MACD has just exhibited a bearish reversal as expressed in the color change of the indicator. The histogram was bullish the past two days as the price rose from the $602.00 mark to the $660 level. However, as the price action was rejected at the level, BNB fell to the $640 support level where it currently trades. If the buyers are unable to defend the level, the MACD would show a sharp increase in bearish momentum across the short-term charts.
The EMAs are trading close together as either side struggles for market dominance at the $640 mark. The 12-EMA is below the 26-EMA at press time but the difference is slight and if the buyers are able to defend the $640 support, the indicator may exhibit another reversal remaining bullish.
The RSI is currently neutral and trades close to the mean level at the 49.20 index mark. The indicator was currently moving along the x-axis as BNB oscillated below the $660.00 mark but now has taken a nosedive as the price fell below the $650 mark. The neutral position leaves room for volatile activity in either direction while the downwards slope suggests a bearish takeover for BNB markets.
The Bollinger Bands are currently narrow and show further convergence as the price action slows around the $650.00 mark. As the price action consolidates above the indicator’s mean line, traders can expect the indicator to converge in the center showing a further decline in BNB price volatility as speculation runs high.
Technical analysis for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a buy signal as 11 of the 26 major technical indicators support the bulls across the timeframe. On the other hand, only five of the indicators support the bears showing significant buying activity in the markets. Meanwhile, the remaining ten 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 issues a buy signal with 14 of the indicators supporting the buyers against only one indicator suggesting a downwards movement. The analysis shows strong bullish dominance across the mid-term charts. At the same time, ten of the indicators do not support either side of the market and stay neutral.
What to expect from the Binance Coin price analysis?
The Binance Coin price analysis shows that the bulls struggled and failed in climbing above the $660 price level, causing the support at $650 to collapse. After hanging around the $650.00 mark above for more than a day, the price fell below the support level to the current $640 mark and as the selling escalates further downwards movement is likely.
Currently, traders should expect the sellers to break the $640.00 support level as the price falls towards lower support levels. The next support level lies at the $620 level and further below the $600 mark. Currently, BNB is expected to fall to the $620 mark before making a return to the $660 mark.
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