- Binance Coin price analysis suggests recovery to $400
- The closest support level lies at $350
- BNB faces resistance at the $375 mark
The Binance Coin price analysis shows that the bulls have struggled free from the bears and now dominate the short-term charts as BNB makes a return to the $375 mark. However, the selling pressure at the $375 mark remains high as the fear of another price drop causes a short-term sell-off.
The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ATOM and SOL recording a 17.84 and a 14.12 percent incline respectively.
Binance Coin price analysis: Bears dominate the market
Across the technical indicators, the MACD is currently bullish as expressed by the green histogram. The indicators have just observed a bullish crossover in the last 12 hours and since then show a growing bullish momentum as the price action heads towards the $400 mark. However, the price action faces resistance at the $375 mark that prevents the momentum from growing further.
The EMAs are currently moving upwards as the Binance Coin market recovers. The 12-EMA is trading with a steeper slope suggesting an increasing bullish momentum as the buying activity continues in the markets.
The RSI was down in the oversold region yesterday but now shows a strong retreat towards the 50.00 index level. The indicator was issuing a buy signal yesterday but now trades in the neutral region showing room for movement in either direction. While the indicator is trading with an upwards slope at press time, its neutral position leaves room for high volatility in the BNB markets.
The Bollinger Bands are currently wide but show slight convergence as BNB returns to the indicator’s mean line. While the bulls tried to recover to the $400 mark, the indicator’s mean level presents a resistance that needs to be overcome before BNB can continue moving upwards. Overall, the indicators suggest that the BNB price volatility may be declining across the short-term charts.
Technical analysis for BNB/USDT
Overall, the 4-hour Binance Coin price analysis currently shows a neutral market sentiment and does not support the bulls or the bears. The analysis shows eight of the 26 major technical indicators suggesting an upwards movement while the same number of indicators also suggest downwards movement. 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 issues a sell signal with 12 of the indicators suggesting a downwards price movement against only six indicators supporting the bulls across the timeframe. At the same time, eight indicators remain neutral and do not support either side of the market.
What to expect from the Binance Coin price analysis?
The Binance Coin price analysis shows that BNB has returned to a key level at the $375 mark as the market observes a momentum reversal. If BNB is able to break above the price can continue moving to the $400 mark with potential for further upwards movement. However, if the price action is rejected at the level it will fall back to the $350 mark with a potential drop to the $320 mark.
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