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Binance Coin price analysis: Can BNB/USD break lower than $286 in the next few hours?

Binance Coin price analysis

TL;DR Breakdown

 

  • Today’s price analysis for Binance Coin is bearish.
  • The bulls currently appear to be fatigued
  • The past 24 hours have shown quite a lot of volatility.
  • Local support is at $286, while local resistance is centered around the $297 mark.
  • Within the next 24 hours, Binance Coin is expected to break lower than $286.

The two biggest cryptocurrencies, Bitcoin and Ethereum, are both down today, and the Binance Coin price analysis is following a similar course. Today, the price of Binance Coin went up to $297 before tumbling to $286.

1-day Binance Coin price analysis
Binance Coin Price Chart by TradingView

The RSI remains constant at 48 according to the 1-day Binance Coin price analysis. The MACD indicator is also showing a rise in the negative sentiments, indicating that the bears are currently in full control. Binance Coin’s next significant support level is pegged all the way down at $249.

Binance Coin 24-hour price analysis

The previous 24 hours have seen some volatility in Binance Coin. However, between 12:00 (UTC) and 19:00 (UTC), it suffered significantly. Its cost decreased steadily over this time, from $295 to $286. A phase of slight retracing until $288 was followed by this. Binance Coin has therefore established the local resistance around $286 for now. Overall, Binance Coin is quite bearish today and requires some momentum to recover and retest the resistance at $297.

4-hour Binance Coin price analysis

4-hour Binance Coin price analysis
Binance Coin Price Chart by TradingView

Although Binance Coin has been mostly in the red today, the 4-hour Binance Coin price analysis is giving some hints that BNB/USD might be preparing for some recovery. This rebound, though, is not substantial.

As of right now, it appears like Binance Coin might be starting another phase of sideways consolidation, which might last for the following several hours.

Overall, the market has a strong pessimistic attitude. Binance Coin can thus definitely fall lower and retest the most recent support level at $281.

Binance Coin price analysis: Conclusion

Overall, our Binance Coin price analysis reveals that the market is in a bearish state. The bulls appeared to be worn out. Therefore, the following 24 hours won’t be any better either. If you are seeking quick returns, now might not be the time to buy Binance Coin. However, if you want more information on the long-term, consider reading our Binance Coin price prediction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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