Binance Coin price analysis: BNB drops further below $245 support mark

Binance Coin price analysis

Binance Coin price analysis remained bearish over the past 24 hours, just as it had been over the past week as price continued to struggle in breaking out past the $245 support mark. After dropping as low as $222 on December 17, the Ethereum-alternative token stabilised back up to $243.8 with hope to break out up to the $255 mark. However, price once again fell into a horizontal trend as it slid below the crucial moving averages on the daily chart. Price at the time of writing sits at $244.5, dropping just below 1 percent today.

The larger cryptocurrency market showed a similar horizontal trend to BNB over the past 24 hours, as Bitcoin remained around the $16,800 mark in pursuit of $17,000. Ethereum was also set at $1,200, whereas leading Altcoins also consolidated around yesterday’s figures. Ripple dropped 1 percent to $0.35, while Cardano dropped to $0.29. Meanwhile, Dogecoin made a 1 percent increment to move up to $0.07, and Polkadot dropped 0.5 percent to sit at $4.45.

Screenshot 2022 12 24 at 11.30.29 PM
Binance Coin price analysis: Cryptocurrency heat map. Source: Coin360

Binance Coin price analysis: 24-hour RSI continues horizontally on daily chart

On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen moving into a horizontal trend just below the $245 mark. Trading Volume over the past 24 hours dropped more than 32 percent, indicating a stagnant market state for BNB. Price also fell below the 9 and 21-day moving averages over the past 24 hours, along with the crucial 50-day exponential moving average (EMA) at $251.8

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Binance Coin price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can also be seen in a stagnating state in the oversold zone at the 38 mark. Meanwhile, the moving average convergence divergence (MACD) curve also depicts a bearish divergence in place below the signal line. Over the next 24 hours, price is expected to remain tight around the current price mark. A further downtrend would see BNB slide down to the $240 mark to strengthen the bearish narrative.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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