Binance Coin Price Analysis: BNB above $368 support, what’s next?

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis for today is bearish for today, down by 2%.
  • The BNB/USDT current price is $370.
  • The nearest resistance is at $572, another being at $410.
  • The nearest support for BNB/USDT is $368, while another is at $359.
  • The price moved from $344.4 to $382.9 yesterday.

Binance Coin price analysis for today is bearish, while the BNB/USDT price is down by 2%. The price action has found support at $368, while the nearest resistance is at $572. Yesterday, the price surged from $344.4 to $382.9, which resulted in a gain of 10%. Binance coin has brought the attention of many investors, DeFi projects, and staking rewards as well.

With the great price fluctuation that we have seen currently, various people are eyeing the current price levels of Bitcoin and other altcoins. Bitcoin is currently at the $43K price level, while various investors believe that a rebound from $40.5K confirms a bullish trend. Bitcoin’s movement is very crucial if one wants to analyze the BNB/USDT price movement accurately.

Binance Coin for today has seen a bearish price action since the bulls were unable to maintain a price above $370. The data from Coinmarketcap suggests that the market cap of BNB has risen by 3.50%. Also, the trading volume has dropped by 14.38%. In today’s Binance Coin price analysis, we will have a look at the important technical indicators to predict future price action accurately.

Binance Coin price analysis: Indicators gradually turning bearish

Binance Coin price analysis is bearish for today, as is clear from the 4-hour price charts below. If the trend continues, we might see Bitcoin fall from the support at $368, further strengthening the bearish trend. Diving deeper into our Binance Coin price analysis, we will look at the key Moving Averages and their position on the 4-hour charts.

The position of the BNB/USDT price is below the 50-day Moving Average as well as the 100-day Moving Average. Bulls need to regain these key Moving Averages and work towards the upper resistance levels for an optimistic price movement. Major price support is present at $350, and if the bears regain a lot of strength, this level will likely hold.

The price action dropped and broke out from the lower end of the Bollinger Bands on 20th September, as seen from the 4-hour chart below. Yesterday, we saw the market sentiment turn bullish as the price action moved towards the upper end of the Bollinger Bands. A failed break-out attempt was seen as bears have once again strength.

Binance Coin price analysis
Binance Coin price analysis on the 4-hour chart by TradingView

The RSI levels currently read a value below 50. This means that the bulls cannot match the bears, which presents a good time to place your buying orders. The RSI line has traveling downwards, and a negative gradient can be observed. This negative gradient shows that the selling pressure is increasing, and the day traders are selling their tokens after making profits from the huge surged yesterday.

The MACD indicator also hints at the bearish and bullish price action. When used with the RSI indicator, the two can accurately analyze the future price movement prediction. The MACD line is currently above the signal line, but the distance between the two is lesser. If the signal line catches up, we will witness a bearish crossover, which indicates that the price action will turn bearish.

Binance Coin Price Analysis: BNB above $368 support, what's next? 1
Binance Coin price analysis on the 4-hour chart by TradingView

Binance Coin price analysis: Conclusion

Binance Coin price analysis can be concluded on a bearish note for today. If you are looking for further analysis of the cryptocurrency for the long term, you can visit our Prediction Predictions page.

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.
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Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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