- Binance Coin price analysis suggests consolidation at the current level before moving to the $350.00 mark
- The closest support level lies at the $303.40 mark
- BNB faces resistance at the $325.00 mark
The Binance Coin price analysis shows that the BNB price action has made strong bullish movements to the $320.00 mark but finds strong resistance at the 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 BTC and ETH recording an 8.83 and a 7.21 percent incline, respectively.
Binance Coin price analysis: BNB recovers to $320
The MACD is currently bullish, as expressed in the green colour of the histogram. Moreover, the indicator shows strong bearish momentum as expressed in the tall height of the indicator. On the other hand, the lighter shade of the indicator suggests an increasing bullish activity as the price approaches the $320 mark.
The EMAs are currently trading high 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 high momentum at press time. Moreover, the converging EMAs suggest a slowly declining bullish momentum.
The RSI was trading high in the overbought region earlier today but has since moved downwards as the price action faced resistance at the $320.00 mark. At press time, the indicator trades near the overbought region at 63.24 index unit level as the price suggests strong bullish momentum with a gentle slope suggesting a struggle between bears and bulls at the current level.
The Bollinger Bands are currently wide as the price action observed sharp volatility across the short-term charts. Moreover, as the price action trades close to the upper limit, the indicator would observe further convergence across the timeframe. The indicator’s mean line provides support at the $303.40 mark while the upper limit presents a resistance level at the $327.7 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, only two of the indicators support the bears showing a 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 15 indicators suggesting an upwards movement against only one suggesting an upwards movement. The analysis shows strong bullish dominance across the mid-term charts with low bearish resistance persisting. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.
What to expect from Binance Coin price analysis?
The Binance Coin price analysis shows that the Binance Coin market is enjoying a strong bullish rally as the price rose from $240 to the $330.00 mark in a month. However, the price action observed a shard crash at the level causing the price to drop back to $290. Now the bulls finally had to momentum to make a swift recovery back to the level.
Traders should expect BNB to consolidate around the $310-$330 for a short while before the bullish rally continues. This suggestion is reinforced by the technical indicators which show bullish exhaustion across the short-term charts but strong bullish sentiment across the mid-term analyses. On the other side, movement below $300 are unlikely to occur this week.