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Binance Coin price analysis: Can the bulls defend the $240 support level?

Binance Coin price analysis
  • Binance Coin price analysis suggests sideways movement around $240
  • The closest support level lies at $240
  • BNB faces resistance at the $255 mark

The Binance Coin price analysis shows that BNB has found support at the $240.00 mark, and the bulls have stabilized the price at the level. However, the strong bearish pressure still weighs on the price, and the support level may be breached if the sell-off continues. 

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include ETH and BNB, recording a 10.00 and a 5.67 percent decline, respectively.

Binance Coin price analysis: BNB finds support at $240

Binance Coin price analysis: Can the bulls defend the $240 support level? 1
Technical indicators for BNB/USDT by Tradingview

The MACD is currently bearish, as expressed in the red color of the histogram. Furthermore, the indicator shows strong bearish momentum as observed in the tall depth of the histogram. However, the lighter shade of the histogram suggests a declining bearish momentum across the short-term charts as BNB finds support above the $240.00 mark.

The EMAs are currently trading below the mean position as net price movement over the last seven days remains negative. However, as the markets observe buying activity, the EMAs show signs of a bullish convergence, with the 12-EMAmoving back towards the 26-EMA, reflecting the recent buying activity.

The RSI has been trading in the neutral region since 18 July as net price movements remained low across the short-term charts. However, the index dropped to the 30.69 level today as the bears crushed the $250.00 support level, and the price fell below. At press time, the indicator moves downwards, suggesting bearish pressure at the price level, while the low position leaves low room for further downwards movement. 

The Bollinger Bands have been wide for the last couple of days as the price volatility continued to increase. Today, the bands continue to diverge as the price breaks down below the lower limit of the indicator.  Currently, the indicator’s bottom limit provides support at the $240.40 mark, while the mean line acts as a resistance level at the $254.60 price level. 

Technical analyses for BNB/USDT 

Overall, the 4-hour Binance Coin price analysis issues a sell signal, with 13 of the 26 major technical indicators supporting the bears. On the other hand, seven of the indicators support the bears showing a significant bullish presence in recent hours. At the same time, six indicators sit on the fence and support neither side of the market.

The 24-hour Binance Coin price analysis shares this sentiment and also issues a strong sell signal with 13 indicators suggesting a downwards movement against only three indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing very low buying pressure for the asset across the same timeframe. 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: Can the bulls defend the $240 support level? 2
4-hour price chart by Tradingview

The Binance Coin price analysis shows that Binance Coin’s bearish rally started with the rejection at the $270 mark, which caused the price to fall back to the $255 mark. While the bulls attempted to recover the price level, the increasing bearish pressure made it difficult to do so. Currently, the price has fallen to $242, where it finds short-term support.

Traders should expect BNB to stabilize at the level as the bulls fight back against the bears at the level. As such, BNB can be expected to move sideways for the next few days before moving back towards the $260.00 mark. Currently, the price is expected to move between the $230 and the $250 mark, with a potential drop to $225.

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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