Binance Coin price analysis shows the token in continued decline, after yesterday’s 5 percent drop to move below the $300 mark. BNB settled just below the $290 mark, with further decline expected towards the $280 support. Price has declined just short of 10 percent since March 2, and more than 13 percent since February’s high of $329. Now, the $300 point sits as resistance to the current trend and bulls will be hoping for a quick return back to it. BNB continues to hold the 4th position in the crypto market with a market cap of $45,838,322,792.
The larger cryptocurrency market mostly stood by yesterday’s prices, with Bitcoin settling at $22,400, and Ethereum at the $1,500 mark. Among leading Altcoins, Ripple dropped 2 percent to $0.36, whereas Cardano made a slight increment to get to $0.33. Meanwhile, Dogecoin and Polkadot rose 1 percent each, to $0.07 and $6.35, respectively.
Binance Coin price analysis: RSI drops deep into oversold zone on daily chart
On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen forming a descending triangle pattern since the current downtrend initiated on February 27, with price at $307. Since then, touching a low of $286, BNB is undergoing a bearish run. Price remains below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $295.5. Trading volume shot up by 20 percent over the past 24 hours, suggesting that majority action in the market for BNB was selling.
The 24-hour relative strength index (RSI) moved to the lowest point in more than a month at 37.39, entering deep into the oversold zone. The low RSI dictates lower market valuation for BNB, which could be taken as a sign of an upcoming bull run. However, the immediate outlook stays bearish, with the moving average convergence divergence (MACD) curve indicating a bearish divergence with the signal line keeping below the trend line.
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.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.