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Binance Coin price analysis: BNB finds support at $270, can the bulls hold on?

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests a downwards movement to $260
  • The closest support level lies at $270.30
  • BNB faces resistance at the $275.90 mark

The Binance Coin price analysis shows that the bearish momentum has been increasing since the rejection at the $280.00 mark. At press time, the price finds support at the $ 270.00 mark, but it is unlikely to hold for much longer.

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 SOL and ETH, recording a 3.94 and a 2.13 percent decline.

Binance Coin price analysis: BNB rejected at $280

10
Technical indicators for BNB/USDT by Tradingview

The MACD is currently bearish, as expressed in the red color of the histogram. However, the indicator’s low depth shows a low bearish momentum at press time. On the other hand, the darker shade of the histogram suggests an increasing bearish momentum and the low momentum has been increasing since the crossover yesterday. 

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. However, as the short-term charts observe bearish movements, the two EMAs are moving downwards, with the 12-EMA taking the lead. Moreover, as the two EMAs diverge further, the bearish momentum will only increase in the short term. 

The RSI has been trading in the neutral zone for the past seven days since the index dropped into the oversold region on September 19. Currently, the indicator hovers at the 46.41 index unit level and is moving downwards, suggesting bearish activity across the short-term charts. Moreover, the neutral position leaves room for further upwards movement.

The Bollinger Bands is narrow at press time as the Binance Coin price observes low volatility around the $275.00 mark. Currently, the indicator’s bottom line provides support to the bulls at the $270.30 mark while the mean line presents a resistance level at the $275.90 mark.

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, only four of the indicators support the bulls showing a low bearish presence in recent hours. At the same time, nine 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 sell signal with 14 indicators suggesting a downward movement against only three indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying pressure for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time. 

What to expect from Binance Coin price analysis?

9
4-hour price chart by Tradingview

The Binance Coin price analysis shows that Binance Coin made an attempt to recover to the $300.00 mark but the short-term bearish rally was rejected at the $280 level. Since then, the price has hovered between the $270.00 and the $280.00 mark with the bears slowly gaining momentum. 

Traders should expect BNB to move downwards as the price action breaks down the $270.00 resistance level. The suggestion is reinforced by the short-term technical indicators as well as the mid-term technical analyses. Moreover, the broader market is also observing bearish momentum which increases the pressure on Binance Coin.  

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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