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Binance Coin Price Analysis: BNB/USD set to break below the $360 support level

Tezos price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • BNB/USD is currently trading at $371
  • Closest support at $360.

Binance coin price analysis is in the hands of bears. A drop below the support level of $360 would indicate that there will be more declines in BNB/USD. The Stochastic RSI (14) is close to 40%. This indicates that market participants are becoming less active, which has led to other cryptocurrencies trending lower today.

The short-term outlook is bearish. We may see some brief consolidation above $360 in the next few hours. However, with increasing volumes on the sell-side, it will only be a matter of time before BNB/USD breaks below $360 and towards last week’s low at $355.

Binance Coin price movement in the last 24 hours: Binance Coin moves sideways

Binance Coin (BNB) fell by almost 6% today. This is an almost classic bearish price action where the price falls hard but soon reverses higher to show signs of life. Nevertheless, the lower high won’t be confirmed unless this reversal attempt fails and drives prices back down to $360 or lower.

Binance Coin Price Analysis: BNB/USD set to break below the $360 support level 1
BNB/USD 1-day chart. Source: TradingView

This indecision between buyers and sellers has pushed prices into a narrowing wedge pattern, which usually ends with a breakout in the direction of the dominant trend. As you can see on our daily chart, BNB/USD is currently trading at $371. The support area below is found at $360 – $370, while resistance starts at around $380.

The daily chart’s technical indicators have entered oversold territory on this last 4-hour candle. This makes the possibility of a bounce more likely, due to how stretched prices are. Even a strong bounce may not be enough to reverse the downtrend decisively.

A break below $360 would invalidate this scenario and mean further downside is ahead of us during the upcoming weeks. The first support below $360 is found at $350, followed by the swing low established just a few days ago.

The daily chart’s technical indicators have entered oversold territory on this last 4-hour candle. This makes the possibility of a bounce more likely, although remember that due to how stretched prices are, even a strong bounce may not be enough to reverse the downtrend decisively. Binance Coin (BNB) fell by almost 6% today. Because the $390 support couldn’t be broken, BNB/USD may need to establish a new swing low before more upside is possible.

On the other side, a break above $380 will cancel our bearish outlook and open doors for more gains in the long term. The next resistance was found at $400, then $420 and $450. On the flip side, support can be found at around $360 – $370 as previously stated -$340 and finally at around $320/$350.

BNB/USD 4-hour chart: BNB looks to decline again?

The 4-hour Binance coin price analysis chart shows that bears are winning the battle for Binance Coin. If you look at our previous analysis, we had mentioned that there was a chance that prices would consolidate above $380 before taking another shot lower. This has proven true with yesterday’s low found at $379.

Binance Coin Price Analysis: BNB/USD set to break below the $360 support level 2
BNB/USD 4-hour chart. Source: TradingView

Binance Coin has experienced a reversal in its significant drop that began at the beginning of the month. BNB/USD recently moved to establish a higher local high of $400, suggesting that bullish momentum is slowly taking over.

The MACD on the 4-hour chart is now moving higher after previously dropping to its lowest levels in 2018. This suggests that bullish momentum is getting stronger and may push prices upwards soon.

The RSI  on the 4-hour chart is above 50, suggesting that bullish momentum will start taking charge soon.

Binance Coin Price Analysis: Conclusion 

The market has been struggling for positive momentum in the last few months, but it seems that things are turning around. Prices have found a temporary resting point above $400, which is highly positive, especially considering how undervalued Binance Coin currently looks.

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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