Binance Coin price analysis: BNB/USD sluggish towards $560

BNB

TL;DR Breakdown

  • Binance Coin price analysis is bearish for today.
  • The strongest resistance is present at $578.9.
  • The strongest support is present at $426.3.

The Binance Coin price analysis appears to be following a somewhat rocky downwards trend. The price has suffered a decline in the last two days. On January 7, 2022, the price of BNB experienced a flash crash, and the price fell to $442. The next day the market maintained this negative momentum and fluctuated between the $445 mark. On January 8, 2022, the price of BNB regained some of its momenta and went up to $458, which is the current price of Binance Coin.

BNB/USD 4-hour price analysis: Market shows bullish momentum; will it hold?

The Binance Coin price analysis of 4-hours has revealed the market volatility following a declining trend making the price of BNB less prone to undergo variable change. The upper value of the Bollinger’s band is available at $512.7, which acts as the strongest resistance. The lower limit value of the Bollinger’s band is present at $426.3, serving as the strongest support.

The BNB/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish movement. The bulls have recently come into action and have taken the market by storm; let’s hope they can maintain this momentum and raise the BNB price.

Binance Coin price analysis: BNB/USD sluggish towards $560 1
BNB/USD 4-hours price chart source: Trading view

The Relative Strength Index (RSI) score is 39 showing the cryptocurrency to be stable, falling neither on the overvalued nor the undervalued side. The RSI score appears to be increasing due to the strong buying activity, which outweighs the selling activity.

Binance Coin price analysis for 1-day: Market volatility expands

The Binance Coin price analysis shows the market volatility following a significantly increasing trend. The support and resistance bands moving away from each other show the degree of increment in the volatility. This reveals that the BNB/USD price has become more prone to experience variable change. The upper limit of the Bollinger’s band is present at $578, which serves as the strongest resistance for BNB. The lower limit of the Bollinger’s band is available at $455, which represents the strongest support for BNB.

The BNB/USD price appears to be crossing well under the curve of the Moving Average, signifying a bearish movement. The price path shows the BNB/USD price following a downward direction that may exceed the lower limit of Bollinger’s band value, resulting in a breakout. That scenario will lead to a reverse trend very soon.

Binance Coin price analysis: BNB/USD sluggish towards $560 2
BNB/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) score is 32, revealing the cryptocurrency to be undervalued. The RSI score appears to follow an upwards direction indicating an increment in the value and movement towards stability. The buying activity outweighs the selling activity causing the RSI to move up.

Binance Coin Price Analysis Conclusion: Market reversal is imminent

Observing the Binance Coin price analysis, we can conclude that the cryptocurrency is having trouble maintaining its bearish trend, and a reversal is probable. The market has been reigned over by the bears, and now the bulls are coming with everything they have got, and, likely, the market will soon turn bearish.

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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