Binance Coin price analysis: BNB retests $280.0 after resuming the bearish trend

Binance Coin Price analysis

TL;DR Breakdown

  • Binance coin price analysis shows a bearish bias trend
  • The Support for Binance coin is present at $270.0
  • BNB/USD continued to retrace over the last 24 hours.

Binance coin price analysis indicates the market sentiment has shifted to the bearish sentiment after a period of sideways trading over the last few days. The bearish sentiment is however weak as the price of the BNB coin is down by a small figure of 0.35. The exchange currency established a higher low on the daily chart at $285.64 compared to yesterday’s figure of $295. As a result, we anticipate that BNB/USD will correct to a higher low in the next 24 hours.

The BNB coin opened the daily trading session at $289.99 and is currently trading in a range of  $285.58 and $290.16 as per data from CoinMarketCap.The Binance coin is down by 0.35 percent which indicates the bears are trying to enter the market after a period of consolidation around $280.0.Binance coin is trading at $288.85 after the failure of a potential upside breakout that was looming over the last seven days.

Binance coin price  analysis: BNB coin price remains dormant at around $280.0

Binance coin price analysis on a daily chart reveals the cryptocurrency has yet to make significant price changes and is currently stuck in a tight range.BNB coin prices have retraced slightly from the $296.0  level, but the overall trend on the daily chart remains bearish as prices continue to trade below the key 50-day moving average. With price action looking relatively stable for now, traders are waiting to see if BNB can break through the $300.0 resistance and move higher toward $350.0. If it fails to do so, however, there is a risk of a pullback toward support at $250.0.

image 190
Binance Coin Price Chart by TradingView

The Fibonacci retracement levels show that the immediate support for the BNB coin is at $280.0 and $285.0 respectively. The next major support level is found to be at $230.5 before the digital asset finds strong buying pressure around the $200.0 mark.

The MACD indicator shows increasing bearish momentum as the moving averages move further closer to each other. The RSI indicator also supports a bearish sentiment as it is approaching $30.0 oversold levels. The bulls are defending the key support level of $280.0 which if broken could pull the BNB price toward $250.0.

Binance Coin price analysis on a 4-hour chart: A bullish reversal pattern forms

Binance coin price analysis on a 4-hour chart indicates the market might rebound and trade in a bullish trend, as per the technical indicators. The MACD line has made a crossover on the bullish

image 189
Binance Coin Price Chart by TradingView

sentiment, suggesting a potential upside in the next few hours. So far, it looks like bulls are likely to regain control in the short term, as the relative strength index (RSI) is still trending higher and may indicate a further rally in Binance coin prices.

Binance Coin price analysis conclusion

Binance coin price analysis shows the price action is retesting the $280.0 support level. If the current support fails, we might see the price drop down to support at $250. BNB has been particularly bullish in the month of November, forming a new monthly high of $315. The trading volumes surged, showing an increased interest of investors in the exchange coin.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

Related News

Hot Stories

Binance Coin price analysis: BNB breaks above $310, eyes $330 next
Bitcoin price analysis: Bulls remain in driving seat as BTC establishes its foothold again, reaching $23,431
Ethereum price analysis: Bulls pushes ETH above at $1,600 mark after recovery from $15,565
Chainlink price analysis: LINK/USD breaks below $7.36 as bearish trend overwhelms the market
Aave price analysis: Cryptocurrency steps down at $86.03 as bearish gain traction

Follow Us

Industry News

South Korea unveils plans to monitor cryptocurrency in 2023
Yuga Labs co-founder steps down
Core Scientific submits petition to sell over $6M in Bitmain vouchers
Sam Bank-Fried seeks access to FTX
CZ predicts a dire future for traditional institutions not embracing crypto

Add Your Heading Text Here