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Binance Coin price analysis: Can bulls break above $290 resistance?

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests sideways movement between $280 and $300
  • The closest support level lies at $280
  • BNB faces resistance at the $290 mark

The Binance Coin price analysis shows that the price action finds resistance at the $290.00 mark after climbing above the $270.00 level. 

The broader cryptocurrency market observed a positive market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include ETH and DOT, recording a 9.21 and a 6.92 percent incline, respectively.

Binance Coin price analysis: BNB faces resistance at the $290

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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. The indicator was showing low bullish momentum until the price suddenly observed a spike at 12:00 UTC yesterday. Now, the indicator shows strong bullish momentum, but the light shade of the histogram suggests a decreasing buying activity as the price faces resistance at the $290.00 mark.  

The EMAs are currently trading high above the mean position as net price movement over the last ten days remains bullish. However, as the two EMAs’ slope declines, the bullish activity is expected to decrease, with the 12-EMA converging with the 26-EMA. Currently, the EMAs suggest decreasing buying pressure as the price approaches the $290.00 mark. 

The RSI was trading in the oversold region a few days ago as the index dropped below the 30.00 index unit level. Since then, the indicator moved back up towards the overbought region and has climbed above the 70.00 index unit level issuing a sell signal. On the other hand, the horizontal slope of the indicator suggests bearish movement in the short term.

The Bollinger Bands were converging recently as the price action was consolidating around the $28,00 mark. However, as the price broke above the $280.00 mark, the Bollinger bands started diverging sharply. The indicator’s mean line provides support at $278.90, while the upper limit provides support at $292.30. 

Technical analyses for BNB/USDT 

Overall, the 4-hour Binance Coin price analysis issues a buy signal, with 16 of the 26 major technical indicators supporting the bulls. On the other hand, only two of the indicators support the bears showing a low bearish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market. 

The 24-hour Binance Coin price analysis shares this sentiment and issues a buy signal, with 14 indicators suggesting an upward movement against two indicators suggesting a downward movement. The analysis shows the bullish dominance across the mid-term charts while showing low selling 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 multiple rejections from the $275.00 level, BNB was finally able to climb above the level, and the following rally carried the price above the $285.00 mark. Currently, the bulls are trying to cross the $290 barrier but are finding significant bearish pressure at the level. 

Traders should expect BNB to continue moving upwards, but a bullish breakout above $300 is unlikely, given the bullish exhaustion. Currently, the price can be expected to rise to the $300.00 mark before finding significant resistance. Over the next few days, BNB can be expected to trade between $280 and the $300 mark. 

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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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