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Binance Coin price analysis: BNB falls to $270 as selling pressure increases

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests a downward movement to $260
  • The closest support level lies at $270
  • BNB faces resistance at the $275 mark

The Binance Coin price analysis shows that the BNB price action has fallen to the $270.00 mark after the buyers failed to break above the $290.00 mark.

The broader cryptocurrency market observed a negative market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include ETH and XRP, recording a 2.88, and a 2.41 percent decline, respectively.

Binance Coin price analysis: BNB falls to $270

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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 expressed in the low height of the histogram. Furthermore, the lighter shade of the histogram suggests a declining bullish momentum and indicates that a bearish crossover is imminent.

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. Moreover, as the two EMAs continue to move horizontally, the momentum would not increase on either side. On the other hand, the horizontal movement of both the 12 and the 26-EMA suggests a lack of trading activity from either side of the market. 

The RSI has been trading within the neutral region for the last three days as the price hovered around the $270.00 mark. Currently, the indicator is trading below the mean position at the 50.00 index unit level and hovers at 45.29. At press time, the indicator issues no signals while the horizontal slope shows low market pressure. 

The Bollinger Bands have been narrow for the past eight days as the price stagnated around the $275.00 mark. At press time, the indicator’s bottom line provides support at $266.70 while the upper limit presents a resistance level at $275.50.

Technical analyses for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bears. On the other hand, only two of the indicators support the bears 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 shares this sentiment and also issues a sell signal with 15 indicators suggesting a downward movement against two indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while little to no significant 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?

image 348
4-hour price chart by Tradingview

The Binance Coin price analysis shows that the bulls made an attempt to break above the $290.00 mark but got rejected instead. The rejection caused the price to fall to the $270.00 mark as the bearish pressure escalated. 

Traders should expect BNB to move downwards to the $260.00 mark as the bearish pressure continues to increase across the short-term charts. The suggestion is reinforced by the mid-term technicals which issue bearish signals across the 4 and 24-hour charts which suggest movement to as low as $250. On the other hand, if the bulls are able to defend the $270.00 support, the price would instead move back toward the $275.00 level. 

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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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