Binance Coin price analysis: BNB finds support at $620, ready to move higher?

Binance Coin price analysis BNB finds support at ready to move higher

TL;DR Breakdown

  • Binance Coin price analysis suggests mixed market sentiment for BNB.
  • The next support for BNB/USD is present at $609.
  • Resistance is present at $626.

The Binance coin price is not in a strong position today, as the market is showing mixed sentiment towards the crypto pair. BNB seems unable to challenge the $626 resistance range as the coin faced rejection at this point yesterday, and the price is oscillating above and below $620 today. This situation hints at the fact that some support is present at this level, as the last small but green candlestick indicates the presence of a bullish element.

If bearish influence continues, then BNB will retest the support at $609 followed by another support at $599, but hopefully, the price will not fall below the $600 range today. The recent short-term trend line was upwards, but bears have disturbed the trend crucially as the upward oscillation of price has stopped. However, BNB price is still present in the higher price envelope and may consolidate more before continuing higher. BNB/USD managed to sustain its position well during the present bearish market.

BNB/USD 1-day price chart: BNB unable to move past $626

The 1-day price chart for Binance coin price analysis shows the price is stuck at the $620 level as the coin is finding it hard to move up. Bulls need more support to carry the lead, and market pressure is also high. As the price is present at almost the same level where it was capped yesterday after a decline, the coin reports a minor loss of 0.09 percent over the last 24 hours and a 0.38 percent loss over the past week. The trading volume decreased significantly by 25.87 percent, and the market cap has decreased by 0.24 percent.

Binance Coin price analysis: BNB finds support at $620, ready to move higher? 1
BNB/USD 1-day price chart. Source: Tradingview

The BNB is trading in mild volatility as the Bollinger bands are also not showing any major change. We anticipate the coin to trade in the upper half of the channel as suggested by the Bollinger bands, with the upper limit at the $658 mark and the centerline of the indicator at the $602 mark, which represents the resistance and support level for BNB to encounter.

The moving average (MA) is trading just below the BNB price level at $617, and the relative strength index (RSI) is trading at an almost straight line at index 55. The almost straight curve of the RSI from the past few days indicates a lack of momentum from either side of the market to overpower the opposite.

Binance Coin price analysis: Recent developments and further technical indications

The 4-hour price chart for Binance coin price analysis shows the coin went through some humongous bearish pressure yesterday and the day before, after which the price oscillations slowed down. Today another drift downwards was observed at the start of the trading session, but an almost equal recovery has been made by the bulls recently to encounter the loss; as a result, the price is present at the same level.

Binance Coin price analysis: BNB finds support at $620, ready to move higher? 2
BNB/USD 4-hours price chart. Source: Tradingview

The volatility range is more narrow on the 4-hour chart as the lower limit of the Bollinger bands is present at the $607 level indicating the possible support for BNB and the mean average of the Bollinger bands at the $625 mark represents resistance for BNB. The RSI shows an upwards curve here as it trades at index 50 at the center of the neutral zone of the indicator, hinting at the recent buying that elevated the price back to its previous level.

Binance Coin price analysis: Conclusion

The Binance coin price analysis suggests the coin has seen some support at the $620 level, so we anticipate the uptrend to continue in the coming hours, as the market is also turning bullish slowly. BNB is expected to turn bullish today and may break above $625 later today.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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