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Binance Coin price analysis: BNB decreases its value to $242.8 after strong bearish interference

Binance Coin price analysis: BNB decreases its value to $242.8 after strong bearish interference

TL;DR Breakdown

  • Binance Coin price analysis is bearish today.
  • The strongest support is present at $221.9.
  • The strongest resistance is present at $326.2.

Binance Coin price analysis shows bearish momentum with further consistent opportunities. The bears rule the BNB market and are likely to maintain their momentum, and BNB now expects a further devaluation in the coming days. As a result, the bears appear to show firm footing and might engulf the market soon. Furthermore, the BNB price has experienced a crash from $245 to $241 and has remained around that threshold.

Binance Coin price today is $243.89 with a 24-hour trading volume of $1.05B, a market cap of $39.02B, and a market dominance of 4.70%. The BNB price decreased by 0.65% in the last 24 hours. Binance Coin reached its highest price on May 10, 2021, when it was trading at its all-time high of $689.33. The lowest price since its ATH was $185.52 (cycle low). The highest BNB price since the last cycle low was $386.87 (cycle high). The Binance Coin price prediction sentiment is currently bearish.

BNB/USD 1-day price analysis: Latest developments

Binance Coin price analysis illustrates that the present condition of the market demonstrates negative potential as the price moves downward. Moreover, the market’s volatility follows a massive closing movement, resulting in the cryptocurrency being less prone to volatile change on either extreme and the market entering a squeeze. As a result, the high price of BNB is present at $244.01, and the open price exists a $243.93. Conversely, the low price of BNB is present at $243.73 with a change of -0.04% and a close price of $243.81.

The BNB/USD price travels under the Moving Average curve, indicating the market is following a bearish movement. However, as the market experiences declining volatility today. In addition, the BNB/USD price seems to move towards the support, signifying a possible reversal movement, which could prove to be a silver lining for Binance Coin.

image 519
BNB/USD 1-day price chart Source: CoinCodex

Binance Coin price analysis reveals that the Relative Strength Index (RSI) score is 37 making the cryptocurrency stable, falling into the lower neutral region. Furthermore, the RSI score moves slightly downwards, indicating that the selling activity slightly outweighs the buying activity while moving towards declining dynamics.

Binance Coin price analysis for 7-days

Binance Coin price analysis has entered a bearish movement in the last few days. Moreover, as the volatility remains dormant, the value of the cryptocurrency moves with a volatile change; the price is becoming resistant to variable change in this instance. As a result, the high price of the BNB cryptocurrency rests at $244.61, while the open price of BNB exists at $243.89. Contrariwise, the low price for BNB exists at $243.63 with a change of -0.22% and a close price of $243.87.

The BNB/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. On the other hand, the market can be seen shifting to a linear movement as the price favors consistent dynamics.

image 520
BNB/USD 7-day price chart Source: CoinCodex

The Relative Strength Index (RSI) score appears to be 41, showing the cryptocurrency’s stable value. It falls in the lower neutral region. However, the RSI score follows a linear movement signifying consistent market and regular dynamics. In addition, the stable RSI score indicates selling activity equal to buying activity.

Binance Coin Price Analysis Conclusion

Binance Coin price analysis shows bearish momentum with solid possibilities of an overall reversal movement in the coming days. The bears have captured the market. If the bulls fail to strike back soon, the bears will engulf the market for the long term. However, since the bears show massive potential, they can have a chance to consume the market entirely, however, if the price breaks the support. Then, the market dynamics will be shifted in the bulls’ favor.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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