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Binance Coin price analysis: BNB recovers $220, eyes $240 next

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests an upwards movement to $240
  • BNB faces resistance at the $229.2 mark
  • The closest support level lies at $210

The Binance Coin price analysis shows that BNB has recovered to the $220 mark as the bulls were able to defend the $185.0 support level. At press time, the buying pressure is increasing, suggesting further upwards movement. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include ETH and BNB, recording a 5.56 and a 5.34 percent incline, respectively.

Binance Coin price analysis: BNB recovers $220

Binance Coin price analysis: BNB recovers $220, eyes $240 next 1
Technical indicators for BNB/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. Moreover, the indicator shows strong bullish momentum as observed in the tall height of the histogram. Furthermore, the indicator’s darker shade suggests an increasing bullish momentum as the price action rises above the $220.00 mark. 

The EMAs are currently trading around the mean position as net price movement over the last seven days remains low. However, as the markets observe bullish activity, the EMAs move upwards above the mean line, with the 12-EMA taking the lead. In recent hours the upwards slope of the EMAs has increased, and the two EMAs have started to diverge with a bullish bias. 

The RSI had dived into the oversold region on June 17 but has since moved back into the neutral region as the price action recovered quickly to the $200 mark. At press time, the index trades around the mean level at 50.00 and hovers at 50.63, moving upwards to show the bullish pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from either side of the market.  

The Bollinger Bands are moving in a wide channel covering the region between $180 and $220. Currently, the indicator has started to show divergence as the price climbs above the $220 mark suggesting an increase in price volatility. At press time, the indicator’s mean line provides support at the $208.9 mark, while the upper limit presents a resistance level at the $229.2 mark. 

Technical analyses for BNB/USDT 

Overall, the 4-hour Binance Coin price analysis issues a buy signal with 12 of the 26 major technical indicators supporting the bulls. On the other hand, only four of the indicators support the bears showing significant bearish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Binance Coin price analysis does not share this sentiment and instead issues a sell signal with 13 indicators suggesting a downwards movement against only three indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little buying pressure for the asset across the mid-term charts. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.

What to expect from Binance Coin price analysis?

Binance Coin price analysis: BNB recovers $220, eyes $240 next 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that the bulls have initiated another rally carrying the price above the $220 mark. However, the bearish pressure still weighs on the price action as seen across the short-term charts. 

Traders can expect BNB to move upwards to the $240 mark as the bulls take over. Furthermore, the suggestion is supported by the mid-term technical indicators, which show. If the bulls are able to break past the $240 mark, the next resistance level lies at $250.

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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