Binance Coin price analysis: BNB stuck in a bearish loop at $519

BNB

TL;DR Breakdown

  • Binance Coin price analysis appears to b bearish.
  • The strongest resistance is present at $567.
  • The strongest support is present at $504

Binance Coin price analysis shows strong bearish dynamics with bullish opportunities; the price is hovering below $525 and is expected to reach its goal soon if the market dynamics favor BNB. The cost of BNB has suffered severe devaluation in the past few days. On December 28, 2021, the price of BNB reached $554, only to fall as a result of a flash crash to $528. The next day, the price experienced another flash crash, which lowered the price to $519. The price declined the next day to $510 until eventually, it started to experience a slight upward trend bringing the price up to $519.

BNB/USD 4-hour price analysis: Massive volatility with bearish momentum

Binance Coin price analysis has revealed the market’s volatility following a massive uptrend, meaning that the probability of the BNB/USD price changing has also increased tremendously. The upper limit of the Bollinger’s band is present at $569, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $504, which represents the strongest support.

The BNB/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. The market trend has been experiencing minor fluctuations, but the trend has remained bearish for the most part—the price path in showing possibilities of a reverse movement.

Binance Coin price analysis: BNB stuck in a bearish loop at $519 1
BNB/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is at 38, which shows a slightly undervalued currency; if the value falls below 30, it will result in a rise in RSI, which will mean that the BNB/USD price is increasing, but that is unlikely to happen. The RSI path appears to be following a straight stable direction showing no signal towards either extreme.

Binance Coin price analysis for 1-day: BNB/USD experiences trend fluctuations

Binance Coin price analysis reveals the market’s volatility to be following a dormant trend, showing no signal of the price experiencing variable change. However, the resistance band and the support band have come very near each other; if they come any closer, the market will be experiencing a squeeze. The upper limit of the Bollinger’s band is present at $567, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $506, which serves as the strongest support.

The BNB/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish momentum. The market trend has just recently shifted to a bearish trend, implying that the bulls have gotten weaker. The bears have the upper hand for now.

Binance Coin price analysis: BNB stuck in a bearish loop at $519 2
BNB/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) is 41, implying that the cryptocurrency is relatively stable. The RSI path can be seen to be following an upwards direction indicating a trend shift, with bullish momentum.

Binance Coin Price Analysis Conclusion: Market expecting a bullish comeback

The conclusion of the Binance Coin price analysis indicates that the recognition made in the current behavior of the cryptocurrency demonstrates that it is following a rocky downward trend and is likely to reverse. BNB/USD has risen sharply to the $530 mark.

Chart analysis shows bearish volatility and bullish trend opportunities soon. It is predicted that BNB may quickly enter the $530 mark range, but this depends on the volatility of the support; if current support fluctuates, we may see a sharp decline in the price of BNB as far as $505.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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