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Binance Coin price analysis: BNB finds support at $420, can the bulls fight back?

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests sideways movement below $430
  • The closest support level lies at $420 and further below at $400
  • BNB faces resistance at the $430 mark

The Binance Coin price analysis shows that the asset’s price action has finally found bullish support to stop the bearish breakdown at $420.00. Regardless, the bearish pressure still weighs on the asset’s price action as selling activity remains high. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include LUNA and SOL recording a 8.34 and a 7.16 percent decline respectively.

Binance Coin price analysis: BNB falls to $420

Binance Coin price analysis: BNB finds support at $420, can the bulls fight back? 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator has observed a slight decline in its momentum as observed in the lighter shade seen in recent hours. However, unless the Binance Coin price action recovers to the $430.00 mark, the indicator would remain bearish

The EMAs are currently trading low as BNB observes a net bearish price movement over the past five days. The asset’s price was rejected at $460 and the trend rejection caused a crash to the $420.00 mark. While the asset is currently trading above the level, the difference is insignificant and further selling activity may continue the bearish rally. 

While the RSI was trading near the mean position at the 50.00 index units yesterday, the indicator saw a sharp downtrend as BNB was rejected at the $440.00 mark. Following the crash, the RSI dropped to the 38.00 index unit level where it currently hovers. At press time, the indicator shows room for further downwards movement while the horizontal movement suggests a lack of momentum towards either side. The indicator continues to trade in the neutral region

The Bollinger Bands were wide yesterday but now show steep convergence as the price action stagnates around the $430.00 mark. Currently, the indicator’s bottom line provides support at the $418.1 mark, while the mean line acts as resistance at the $430.40 price level. 

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a sell signal with 12 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only four of the indicators supports the bulls, showing low bearish presence in recent hours. 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 shares this sentiment and issues a sell signal with 10 major technical indicators suggesting downwards movement against seven indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing a mild bullish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market.

What to expect from the Binance Coin price analysis?

Binance Coin price analysis: BNB finds support at $420, can the bulls fight back? 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that after finding strong bearish pressure at the $440.00 mark which rejected the trend causing BNB to fall below the $425.00. The bearish activity has reversed the bullish activity of the past few days. At press time, the bulls and the bears are at a standstill as either side struggles for dominance.

Currently, traders should expect the Binance Coin price analysis to move sideways as while the sellers dominate the price action, there are signs of bearish exhaustion. As such the price action can be expected to hover between $400 and the $440 price level for the time being.

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Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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