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Binance Coin price analysis: BNB falls below $420, can bulls defend $400?

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests downwards movement to $400
  • The closest support level lies at $400 and further below at $380
  • BNB faces resistance at the $420 mark

The Binance Coin price analysis shows that the asset’s price action has broken down below the psychological support level at the $420.00 mark and now falls freely towards the $400 mark as the buyers struggle to hold a support level. 

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 WAVES and LUNA recording a 12.71 and an 8.44 percent decline respectively.

Binance Coin price analysis: BNB falls to $405

Binance Coin price analysis: BNB falls below $420, can bulls defend $400? 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 shows low bearish momentum as of press time as the MACD has recently exhibited a bearish crossover. However, the indicator is rapidly gaining momentum considering that BNB is in freefall below the $420.00 level. 

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 $450 and the trend rejection caused a crash below the $410 mark where it currently trades. The 12-EMA is moving downwards with a steep slope diverging further from the 26-EMA which moves horizontally at press time. 

While the RSI has been trading low near the oversold region since 6 April showing a bearish trend across the mid term charts. The indicator is currently trading at 33.14 index unit level and moving downwards. The indicator’s position leaves low room for further downwards movement but the current slope almost guarantees a dive into the oversold region. 

The Bollinger Bands were narrow yesterday but now show some divergence as the price action breaks down below the indicator’s bottom line. The sellers have broken the $411.70 support level and now the price action is moving downwards at an alarming pace. 

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a strong sell signal with 16 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, none of the indicators supports the bulls, showing little to no bullish 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 15 major technical indicators suggesting downwards movement against only one of the 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, ten 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 falls below $420, can bulls defend $400? 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that after finding strong bearish pressure at the $450 mark which rejected the trend causing BNB to fall below the $410. At press time, the bears dominate the market as the price action struggles to find a support level.

Currently, traders should expect the Binance Coin price analysis to move downwards towards the $400 support level as no major support lies below the $420 mark. The mid-term technical analyses also support this suggestion with their strongly bearish indications suggesting a drop to the $375 mark.

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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