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Binance Coin price analysis: BNB holds steady at $270, potential drop ahead

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests sideways movement with potential downwards movement
  • The closest support level lies at $265
  • BNB faces resistance at the $273 mark

The Binance Coin price analysis shows that the price has been trading in a sideways motion with low movement beyond the mean position at $270.00. 

The broader cryptocurrency market observed a mixed market sentiment over the last 24 hours as most major cryptocurrencies record mixed price movements. Major players include XRP and ICP, recording a 2.43 percent incline and a 1.71 percent decline, respectively.

Binance Coin price analysis: BNB returns to $280

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Technical indicators for BNB/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as the indicator has only recently exhibited a bullish crossover. Moreover, the darker shade of the histogram suggests an increasing buying activity in the short term as the price returns to the $270 mark. 

The EMAs are currently trading below the mean position as net price movement over the last ten days is negative. However, as the two EMAs turn upwards, the bearish activity is expected to decline, with the 12-EMA converging with the 26-EMA. Currently, the EMAs suggest increasing selling pressure as the price moves back toward the $270 mark. 

The RSI was trading on the overhead region yesterday as the index dropped to the 30.00 index unit level. Currently, the indicator has moved back upwards towards the mean level but trades at 46.80 unit level at press time, suggesting slight bearish momentum. On the other hand, the horizontal slope of the indicator suggests a struggle between the buyers and sellers for dominance.

The Bollinger Bands were diverging recently as the price broke down the $265.00 mark. However, as the price returned to the $268.00 level, the bands started to converge, suggesting increasing price stability at the price level. The indicator’s bottom line currently provides support at the $266.50 mark, while the upper line presents resistance at the $273.90 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 three of the indicators support the bulls showing a low bullish 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 accentuates this sentiment and also issues a sell signal, with 14 indicators suggesting a downward movement against only two indicators suggesting an upward 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, ten indicators remain neutral and do not issue any signals at press time. 

What to expect from Binance Coin price analysis?

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4-hour price chart by Tradingview

The Binance Coin price analysis shows that after crashing below the $267.00 mark, the price action found support at the $265.00 mark enabling the bulls to fight back. Currently, the bulls are moving back toward the $270.00 mark as the buyers push back. However, the bearish pressure is yet to subside, and the price continues its consolidation around the $270.00 mark. 

Traders should expect BNB to continue to move sideways between the $275 and the $265 mark as the bearish pressure exhausts the buying activity in the markets. This movement can be expected to be breached by the bears with a potential drop down to the $250.00 mark, as suggested by the mid-term technical analyses.

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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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