Binance Coin price analysis: BNB recovers to $575, eyes the $600 resistance level next

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests return to $600
  • The closest support level lies at $560
  • BNB faces resistance at the $580 mark

The Binance Coin price analysis shows that the buyers defended the $560 support level causing the markets to observe a bullish takeover for BNB. At press time, BNB has recovered to the $573.00 mark with the bullish momentum rising in recent hours

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include ICP and VET recording a 5.42 and 4.36 percent decline respectively.  

Binance Coin price analysis: BNB 

Binance Coin price analysis: BNB recovers to $575, eyes the $600 resistance level next 1

Across the technical indicators, the MACD is currently bullish as it has just expressed a bearish crossover observed in the color change of the indicator. The indicator had previously climbed to the bullish territory on 19 November, where it stayed till today. However, as the indicator has just exhibited a crossover, the momentum is low, and the indicator may turn bullish again if BNB is able to climb above the $580 mark.

The EMAs are currently trading close to the mean position as the Binance Coin price analysis shows a stagnating price action across the mid-term charts with little net movement through November. Currently, the two EMAs are both moving horizontally as BNB oscillates around the $570 mark.

The RSI is currently trading in the neutral region, hanging close to the mean position highlighting the lack of momentum on both sides of the market. The indicator trades at 47.56, showing a slight bearish bias across the short-term charts. 

The Bollinger Bands are currently narrow as they converged around the $580.00 mark across the last 24-hours. The indicator’s bottom line at $565 provides a support level for the price action, while the mean line at $582.00 presents a resistance level to the bulls. If the bulls are able to break above, the next resistance level lies at the $600 mark. 

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a sell signal as 13 of the 26 major technical indicators support the bears across the timeframe. On the other hand, three of the indicators support the bulls showing little to no 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 sell signal with 10 of the indicators supporting the sellers against only six indicators suggesting an upwards movement. The analysis shows strong bearish 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?

Binance Coin price analysis: BNB recovers to $575, eyes the $600 resistance level next 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that BNB has been stuck in limbo around the $580.00 price level. Despite making attempts at breaking above and below the level, neither side of the market has been able to initiate a rally at the level. However, as the bulls gain momentum across the short-term charts, the price may start rising again. 

Currently, traders should expect the price to observe a bullish breakthrough towards the $600 mark as the short-term technical indicators suggest a bullish takeover across the markets. While the mid-term technical analyses are bearish, it is because they are yet to react to the recent price movements.

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.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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