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Binance coin price analysis: BNB/USD set to break higher highs in the next 24 hours

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TL;DR Breakdown

  • Binance coin price analysis is bullish today.
  • BNB/USD found support at $206.
  • The closest resistance is at $244.

The Binance coin price analysis shows that the bulls have not been able to push the price above $244 in the last two days. The price is currently trading below the $244 resistance, and the bulls are struggling. If they can not push the price above $244, there is a risk of a downside move.

The next support is at $206; if the price breaks below this level, it could fall to $180. On the other hand, if the bulls can push the price above $244, it is likely to move towards $280.The Binance coin price is currently trading below the $244 resistance range. If the price breaks out of this range, it is likely to make a move either above $244 or below $206.

BNB/USD 1-day price chart: Bullish reversal likely

The 1-day Binance coin price analysis shows a price drop today as selling pressure triggered again. After a significant decrease in BNB/USD pair price over the past four days, bears have continued their lead, taking the market to a new low of around $230.

image 126
BNB/USD 1-day price chart. Source: Tradingview

The current price is marginally below the 100-day simple moving average ($232) and well above the 200-day simple moving average ($190). The Relative Strength Index period 14 is level 46, which indicates that the market is in the middle of the road. The MACD is currently in the bearish zone and below the signal line. The general outlook is still bearish as the market has not been able to move above the $244 resistance in the last two days.

Binance Coin price analysis: Recent price developments

The 4-hour price chart for Binance shows that many technical indicators are lined up for a breakout to the upside. The Relative Strength Index is currently at 56, indicating that the market is in the middle of the road. The MACD is currently in the bullish zone but below the signal line.

image 125
BNB/USD 4-hour price chart. Source: Tradingview

The volatility on the 4-hour chart is rising, with Bollinger bands expanding; the upper band is at $246, and the lower band is at $221. The price has fallen beneath the lower band, a significantly bearish signal for future trends. After following a downward curve near the undersold area, the relative strength index has started showing signs of market deterioration. The RSI diverges from the price as it forms higher lows while prices form lower lows. This indicates that selling pressure is fading, and bulls may soon take over.

Binance Coin price analysis: Conclusion

Binance coin price analysis is slightly bullish today as the market has found some support at $206. The next few days are critical for the market as it needs to break above the $244 resistance to move towards $280.

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.
Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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