Binance Coin price analysis: BNB rejected at $248, moves lower

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests a drop to $242.00
  • The closest support level lies at $245.00
  • BNB faces resistance at the $248.00 mark

The Binance Coin price analysis shows that the BNB price action was rejected at $248 and moves back towards $245.00

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements with low volatility. Major players include ICP and HBAR, recording a 5.78 percent and a 0.90 percent decline, respectively. 

Binance Coin price analysis: BNB rejected at $248

image 44
Technical indicators for BNB/USDT by Tradingview

The MACD is currently bearish, as expressed in the red colour of the histogram. However, the indicator shows low bearish momentum as the indicator has only recently observed a bearish crossover. On the other hand, the darker shade of the histogram suggests an increasing bearish momentum as the selling increases around the $245.00 mark.

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. Moreover, the two EMAs are moving close together showing low momentum on either side of the market. At the same time, the diverging EMAs suggest an increase of selling activity in the markets.

The RSI briefly has been trading in the neutral region for the past ten days showing low volatility in the markets. Currently, the index is trading at the 47.59 unit level with a steady downwards slope. The indicator does not issue a signal at the moment while the steady slope suggests bearish pressure at press time.

The Bollinger Bands were expanding when the price was dropping rapidly towards the $240.0 mark, but started to consolidate as BNB continued to trade near the $245.0 mark. At press time, the indicator’s bottom line provides support at $243.6 mark while the upper limit presents a resistance level at the $247.6 mark.

Technical analyses for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, only two of the indicators support the bears showing a strong bearish presence in recent hours. At the same time, nine 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 14 indicators suggesting a downward movement against only three of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists 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 43
4-hour price chart by Tradingview

The Binance Coin price analysis shows that after falling to the $240.0 mark. The price swiftly recovered to the $250.0 mark but failed to climb any higher. Since then, the price has been gearing up to move towards the $250.0 mark.

Traders should expect BNB to move downwards to the $242.0 mark as the bears take the reins from the bulls. The suggestion is reinforced by both the 4 and the 24-hour charts suggesting a bearish dominance as the price moves downwards. As such BNB can be expected to move to $242.00 support level with the next supports lying at $240 and at $236, respectively.

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 decision.

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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