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Binance coin price analysis: BNB/USD pair trades drops below $400

Binance Coin price analysis
TL;DR Breakdown
  • Binance Coin price analysis is bearish today.
  • The strongest support is present at $380.
  • BNB/USD resistance is present at $410.

The Binance Coin price analysis shows bearish momentum with further consistent opportunities. The bears rule the BNB market and are likely to maintain their momentum, and BNB now expects a further devaluation in the coming days. As a result, the bears appear to show firm footing and might engulf the market soon. Furthermore, the BNB price has experienced a crash from $391 to $387 and has remained around that threshold.

The market shows the price of Binance Coin’s negative movement at the $387 mark. BNB continues a bearish movement. BNB currently trades at $387; BNB has been up 0.88% in the last 24 hours with a trading volume of $1,473,160,389 and a live market cap of $63,301,541,069. BNB currently ranks at #4 in the cryptocurrency rankings.

BNB/USD 4-hour price analysis: Latest developments

The Binance Coin price analysis illustrates that the present condition of the market demonstrates negative potential as the price moves downward. Moreover, the market’s volatility follows a massive closing movement, resulting in the cryptocurrency being less prone to volatile change on either extreme and the market entering a squeeze. As a result, the upper limit of the Bollinger’s band rests at $401, serving as the strongest resistance for BNB. Conversely, the lower limit of the Bollinger’s band is present at $378, serving as a support point for BNB.

The BNB/USD price travels under the Moving Average curve, indicating the market is following a bearish movement. However, as the market experiences declining volatility today. In addition, the BNB/USD price seems to move towards the moving average, signifying a possible reversal movement, which could prove to be a silver lining for Binance Coin.

image 7
BNB/USD 4-hour price chart source: TradingView

The Binance Coin price analysis reveals that the Relative Strength Index (RSI) score is 45 making the cryptocurrency stable, falling into the lower neutral region. Furthermore, the RSI score moves slightly upwards, indicating that the buying activity slightly outweighs the selling activity while moving towards stable dynamics.

Binance Coin price analysis for 24-hours: BNB market opens

The Binance Coin price analysis has entered a bearish movement in the last few days. Moreover, as the volatility increases, the value of the cryptocurrency moves with a volatile change; the price is becoming more susceptible to variable change in this instance. As a result, the upper limit of the Bollinger’s band rests at $430, serving as the most substantial resistance for BNB. Contrariwise, the lower limit of the Bollinger’s band rests at $430, serving as the strongest support for BNB.

The BNB/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. On the other hand, the market can be seen shifting to an upward movement as the price favors positive dynamics.

image 8
BNB/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 43, showing the cryptocurrency’s stable value. It falls in the lower neutral region. However, the RSI score follows a downward movement signifying negative market and bearish dynamics. In addition, the declining RSI score indicates selling activity superior to buying activity.

Binance Coin Price Analysis Conclusion

The Binance Coin price analysis shows bearish momentum with strong possibilities of an overall reversal movement in the coming days. The bears have captured the market. If the bulls fail to strike back soon, the bears will engulf the market for the long term. However, since the bears show massive potential, they can have a chance to consume the market entirely, however, if the price breaks the support. Then, the market dynamics will be shifted in the bulls’ favor.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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