- Binance Coin price analysis is bullish today.
- BNB/USD trades in mixed reactions.
- Support was found at $415.
The daily Binance coin price analysis picked off while the bulls dominated the market, causing a price surge. However, the bullish momentum was cut short by mighty sellers who had prepared to bring down BNB/USD pair. Bulls gained strength again, causing the prices to hike; since then, the price traded in head and shoulder trend for fours before the bulls gained momentum and caused the prices to surge to intraday highs of $445.45.
Most coins are trading in a positive trend today. The largest digital asset has surged slightly with a 0.1 percentage increment in the last 24 hours, while the closest BTC competitor, Ether, is trading at$3.1K with a 0.8 percent increment. SYS has recorded the highest gains of the day, while HEX is the best loser. BNB/USD pair is on the right track, recording a surge of 1.5 percent.
BNB/USD price movement in the last 24 hours: Bulls take charge of the market
Binance coin price analysis is bullish today in our Binance Coin Price Analysis; we highlighted that bulls dominated the market and would bring about a surge in prices yesterday. However, the buying momentum was cut short by powerful sellers who caused a bearish move. The bearish momentum was cut short. This saw the prices surge to intraday highs of $445.45. The price action caused an upside move which saw the pair trade at support levels of $420 and later break down, reaching lows of $415.84 before starting a reversal phase.
BNB/USD 1-day chart. Source: TradingView
The above chart shows that the pair is trading in an ascending channel. The Binance Coin (BNB) price is moving inside a solid ascending channel, and this was evident yesterday when the prices started to surge, only to be rejected by sellers at $435. The resulting move saw BNB/USD pair drop below the 50-day EMA (light blue line) and the 100- day EMA (purple line). However, prices started picking up again, exhibiting a strong momentum that broke above the 100-day EMA and is currently trading at $445.90.
BNB/USD four-hour price analysis chart: BNB/USD trades in head-and-shoulder trend
The four-hour chart depicts the head and shoulder formation we talked about. Most times, the head and shoulders patterns take time to form, which explains why this price movement took 4hrs before we could see it formed. Given the bullish nature of this formation, it is very clear that we should see a higher set before we retest the neckline, which stands at $435 and will later rise to $450 after the price moves above the $445 area.
BNB/USD 4-hour chart. Source: TradingView
The RSI indicator shows clear price movement. A consolidation period at 40 pushed back the bulls and allowed sellers to enter. However, the indicator broke out again after 40, assisted by the bullish candles. This gave momentum for another round of accumulation before the price surge.
The MACD indicator mirrors what is being seen on the RSI. There was a bearish crossover between the 50 and slow-moving average lines, while the 100 lines supported both legs. I believe this will be reversed during today’s price surge.
Binance Coin Price Analysis: Conclusion
The price surge has propelled the BNB/USD pair to $440, thus confirming our four-hour head and shoulders patterns. This is excellent news if you are a long holder; however, just like any other bullish market, you should be careful not to put your stop loss too far away, which might see you getting stopped out by some unexpected bearish hammer. The best stop loss is at $440 or even better at 400 if you are a very conservative trader.
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.