Binance Coin price analysis: Can the bulls break through the $330.00 resistance level?

Binance Coin price analysis

TL;DR Breakdown

  • Binance Coin price analysis suggests an upwards movement to $350
  • The closest support level lies at $320
  • BNB faces resistance at the $330 mark

The Binance Coin price analysis shows that the BNB price action has climbed back above the $325 mark as the price once again approaches the $330.00 resistance level. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include BIT and CELO recording a 6.14 and a 5.43 percent incline, respectively.

Binance Coin price analysis: BNB makes another attempt at $330.00

image 101
Technical indicators for BNB/USDT by Tradingview

The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows steady bearish momentum as expressed in the steady depth of the indicator. On the other hand, the lighter shade of the indicator suggests an increasing bearish activity as the price approaches the $330.00 mark.

The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading at a distance from each other showing strong momentum at press time. On the other hand, the diverging EMAs suggest a rapidly increasing bullish momentum.

The RSI has been trading in the neutral region for the past four days as the asset observed moderate volatility across the timeframe. At press time, the indicator trades above the mean line at 59.06 index unit level as the price suggests low bullish momentum with a gentle slope suggesting low net buying activity at the current price level.

The Bollinger Bands are currently narrow as the price action observed low volatility across the short-term charts. Moreover, as the price action trades close to the mean line, the indicator would observe further convergence across the timeframe. The indicator’s bottom line provides support at the $325.40 mark while the bottom line presents a resistance level at the $333.40 mark.

Technical analyses for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a buy signal, with 15 of the 26 major technical indicators supporting the bulls. On the other hand, two of the indicators support the bulls showing low 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 buy signal with 14 indicators suggesting a upwards movement against seven suggesting an upwards movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. Meanwhile, the remaining eight indicators remain neutral and do not issue any signals at press time.

What to expect from Binance Coin price analysis?

image 102
4-hour price chart by Tradingview

The Binance Coin price analysis shows that the Binance Coin market is enjoying a strong bullish rally as the price rose from $2500 to the current $330.00 level in the last 30 days. Currently, the price finds strong resistance at the $330.00 level but the rising bullish momentum may establish a support above the level. 

Traders should expect BNB to break above the $330.00 mark as the bulls regain market control. The suggestion is reinforced by the positive mid-term technical analyses and the bullish market sentiment. In case the price is rejected at the level, BNB can be expected to retrace to the $300.00 mark.

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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