- Binance Coin price analysis is bullish today.
- BNB/USD rejected downside yesterday.
- Consolidation was seen overnight.
The Binance Coin price is ascending today, and we anticipate a resurgence after yesterday’s failure to decrease any lower. The bearish market structure that has persisted for the past week appears to be coming to an end now that BNB/USD is likely prepared to establish a higher high and reverse the gloomy market structure seen during the previous week.
The Binance Coin price is currently critical as it trades sideways after a strong move to the upside. The bulls could not exert much momentum in pushing the price higher, which could be due to the overbought conditions on the daily chart. A small retracement might be necessary for BNB/USD to cool off before continuing its ascent.
A break above the current consolidation pattern would pave the way for another run-up, possibly testing resistance at $16.50. That said, traders should still exercise caution as there’s always a possibility that the market could reverse course and drop lower. Support can be found at $13.50 and $12.50.
The short-term 100 SMA is still above the longer-term 200 SMA, suggesting that the path of least resistance is to the upside. In other words, support at $12.50 is more likely to hold than not in the event of another drop. This means that BNB/USD will find a floor around that price point before attempting another run higher or lower.
BNB/USD could also be receiving some bullish confirmation from its RSI divergence, which suggests that selling momentum has probably reached its peak for now while prices are ready to shift in favor of bulls soon.
Bulls failed yesterday in establishing any further gains, but Binance Coin price analysis indicates they might have enough strength to push ahead today after marking the high at $14.50. A breakout could take the price to $16.50 or higher, while a break below $13.50 might lead to a revisit of the recent low at $11.00.
BNB/USD 4-hour chart: BNB looks to break higher?
On the hourly chart, bulls have taken control of momentum this morning, which is likely to result in a break higher before the end of the day.
Following a strong lower swing high of $15 on the 9th of December, Binance Coin’s price has been slowly declining over the previous weeks. DOGE/USD then saw significant moves downward twice, with the most recently establishing the current low at $510.
Since then, DOGE has retraced and established a clear lower high at $545. Yesterday, bearish momentum returned quickly, leading to another sluggish drop.
However, the stock has several times been rejected, suggesting an increasing buyer activity in the market. Furthermore, this morning, there was some bullish momentum, suggesting that we’ll see a higher high set later today.
Binance Coin Price Analysis: Conclusion
On the other hand, Binance Coin’s price analysis is bullish today as we’ve seen a resounding rejection of further downside. As a result, BNB/USD will most likely establish a new high by the end of the day.
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.