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Binance Coin price analysis: BNB/USD hit hard as weekend crash brings $340 lows

Binance coin price

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • The RSI is found at $50 on the 4-hour chart.
  • BNB/USD is currently trading at $367.27.

Binance Coin price analysis currently shows that we are trading at $367.27. However, if the pair continues its speedy retracement process, we will probably see this level give way to an even further downside. If that proves accurate, traders should brace themselves for a deeper correction today.

The RSI is found at $50 on the daily chart. Even though it is improving, it still indicates some bearish momentum. There are no obvious strong resistance levels until $367. However, if this level is broken, the next resistance level will be at $387.8. After this point, more resistance can be found at $400 and then at $410.7. On the 4-hour chart, we can see that the 20 SMA is at $407.5. The 50 SMA at $423.6 is below this level, suggesting a downwards price movement in the short term.

Binance Coin price movement in the last 24 hours: Red candlesticks have outnumbered the green ones

The $400 mark is significant in the sense that it has been a consistent support level, and breaking this down opens up space for future bears to step in over the following days.

Binance Coin price analysis: BNB/USD hit hard as weekend crash brings $340 lows 1
BNB/USD 1-day chart. Source: TradingView

Today, the MACD indicator generates a slightly bearish reading, meaning the BNB/USD pair will probably move through $360 and continue its retracement process.

The BNB/USD pair is bearish, as we anticipate a deeper retracement following yesterday’s surge. As a result, the BNB/USD pair will probably move through $360 and continue down over the next day.

However, it is essential to note that while this bearish momentum may be present in the short term, there are chances of us seeing an upwards movement towards $383 today.

BNB/USD 4-hour chart: Long-term technicals are bearish?

The RSI of choice is back to trading within its normal range, signaling that we will probably see a downward movement soon. However, for this Binance Coin price analysis, we should revise our timeframe from one day to the- what else – a week.

Binance Coin price analysis: BNB/USD hit hard as weekend crash brings $340 lows 2
BNB/USD 4-hour chart. Source: TradingView

The BNB/USD pair is bearish, as we anticipate a deeper retracement following yesterday’s surge. As a result, the BNB/USD pair will probably move through $370 and continue down over the next day. However, it is essential to note that while this bearish momentum may be present in the short term, there are chances of us seeing an upwards movement towards $383 today.

The short-term Binance coin price analysis is bearish, as indicated by yesterday’s rejection of the upside at around $373. As mentioned in yesterday’s analysis, this surge was likely an overshoot, so we can expect a future retracement to start kicking in soon. The BNB/USD pair will probably retain its bullish momentum, especially if it manages upwards of $383 today.

Binance Coin Price Analysis: Conclusion 

The Binance Coin price analysis is bearish, as indicated by yesterday’s surge, which was higher than expected. The $360 support level is still intact, but the downside movement might continue over the next few days – pushing prices down to $360.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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