TL;DR Breakdown
- Binance Coin price expected to rise to the $54.00 mark.
- The closest support level lies at $50.00.
- BNB faces resistance in crossing above the $52.00 mark.
Binance Coin price rose to the $53.00 mark after successfully breaking above the $44.00 resistance level. However, the price finds strong resistance at the $53.00 level and has been rejected from the price level twice. Currently, the price is trading above the $50.00 mark as the buyers defend the $50.00 support.
Regardless, Binance Coin price action is still under strong bearish pressure and records a 0.56 percent loss from the day’s opening price.
The broader cryptocurrency market observes a bullish change across the last 24 hours, with most major cryptocurrencies recording positive price movement across the period. These include Bitcoin and Ethereum that record a 4.3 percent and a 9.71 percent increase, respectively.
Technical indicators
Across the technical indicators, the MACD has exhibited a bearish reversal after prolonged consolidation at the $50.00 mark. The indicator was strongly bullish until yesterday but shows a reversal today, suggesting an increasing bearish pressure. The two EMAs have converged and show movement in opposite directions suggesting strong selling pressure.
The RSI has returned to the neutral zone after the recent rejection from the $54.00 mark. The indicator is relatively high at 63.16 but shows further downwards movement. This suggests the presence of bearish pressure at the price level.
The Bollinger bands are currently wide but show convergence as the price stabilizes near the $50.00 mark. The indicator’s upper and lower limits are both inclined upwards, suggesting a bullish momentum with the buyer pressure significantly higher than the selling potential. Currently, the indicator’s mean line is catching up to the price action and would show convergence once they both meet.
Overall, the four-hour technical analysis issues a signal of reasonable strength, with 12 of the 26 major technical indicators supporting an upwards price movement. On the other hand, only four indicators suggest a negative price action while the remaining 10 indicators remain neutral, suggesting no support towards either side.
The 24-hour technical analysis accentuates this sentiment as the analysis shows 15 indicators in favor of a positive price action against three indicators suggesting a retracement below the $50.00 mark. Meanwhile, eight indicators remain neutral and do not issue signals suggesting support to either side.
What to expect from Binance Coin price?
Traders should expect Binance Coin price to observe sideways movement at the level before climbing to the $52.00 level. The supportive technical indicators and the increasing trade volume suggest a bullish breakout from the level, indicating a hike to the $54.00 price level.
Conversely, if the buyers fail to hold the $50.00 mark, the Binance Coin price may return to the $48.00 mark. While the retracement is unlikely considering the strong buyer pressure at the level, BNB may fall to the $48.00 mark before recovering to continue its bull rally.
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.
