- Binance Coin price analysis is bearish today.
- The closest support level lies at $610
- BNB faces resistance at the $650 mark.
The Binance Coin price chart indicates that after failing to rise above $660.00, the sellers broke the $650.00 support level, with BNB returning to $640.00. The selling pressure has not significantly decreased despite the buyers defending the $610 support level.
The broader cryptocurrency market has been experiencing a bullish market mood over the last 24 hours, with most major coins seeing gains. VET and LTC were among the top movers, recording an 8.43 and 4.95 percent rise, respectively.
Binance Coin price analysis: BNB falls to $620, what’s next?
The MACD indicated a bearish reversal in the color change of the indicator across technical factors. The histogram was bullish the last two days as the price climbed from $602 to $660. However, when the price moved to $640, BNB fell to its current level at $620. If buyers are unable to defend at this level, MACD short-term charts will show significant bearish momentum.
As the $640 mark approaches, the EMAs move closer as each side fights for market dominance. At press time, the 12-EMA was below the 26-EMA by only a few points, but the difference is minor, and if buyers can defend $640 support, the indicator may show another reversal.
The RSI is presently neutral and trades close to the mean level of 49.20 on the index. The indicator moved along the x-axis as BNB fluctuated around the $660 mark before diving as the price fell below $630. A neutral position allows for either direction of price change, while a downwards slope implies a bearish takeover for BNB markets.
The Bollinger Bands are currently narrow, indicating more convergence as the price action slows around $620.00. Traders can anticipate the indicator to converge in the middle as speculation heats up, showing an additional drop-in BNB volatility as the price action consolidates above its mean line.
What to expect from the Binance Coin price analysis?
According to Binance Coin price analysis, the cryptocurrency has a buy signal on 11 out of 26 critical technical indicators. On the other hand, just five of the indicators suggest that the market is sellers, showing significant buying in the market. Meanwhile, ten of twenty remain undecided and do not offer signals at press time.
Binance Coin’s price increased by 4.4 percent in the day, and it is now trading at $18.55 per coin after a significant boost from its 19 June high. The 24-hour Binance Coin price analysis emphasizes this idea and provides a buy signal, with 14 of the indicators supporting buyers against just one indicator suggesting a downturn. Strong bullish dominance is seen across the mid-term charts, according to the analysis. Meanwhile, ten indicators are neutral towards both sides of the market, as they do not support either side.
Binance coin Price Analysis: Conclusion
Traders should now anticipate the sellers to breach the $640 support level as the price falls toward lower support levels. The next support level is at $620, with additional downside potential below that. BNB is anticipated to fall to around the $620 mark before resurgence towards the $660 mark.
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.