- Binance Coin price to observe sideways movement before a bearish breakout.
- BNB faces resistance in climbing above the $600 mark.
- The closest support level lies at $500 and further below at $460
Binance Coin price has fallen below the $550 mark in the last few days and strong bearish momentum has caused the price to fall below the $520 mark. However, BNB records an over 25 percent price increase across the last seven days showing steady bullish momentum.
Across the broader cryptocurrency market, the last week has observed a net bullish movement, with most major cryptocurrencies recording a profit across the period. Major profiteers include XRP and ADA that record a 66 and a 19 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 6.7 and an 18.13 percent hike.
Technical indicators for BNB/UDST
Across the technical indicators, the MACD shows strong bearish momentum, as seen in the red histogram. Until 13th April 8 am, the indicator was showing bullish momentum for Binance coin price action; however, since then, the indicator exhibited a strong bearish reversal as the 26-EMA overtook the 12-EMA. Since then, the price has dropped from the $40.00 mark to below the $15 mark, and both EMA s continue to fall.
The RSI is currently trading in the neutral zone a little below the 45.00 marks and does not issue a signal. The indicator has been trading in the neutral zone for the last three days. Recently, the RSI indicator has had a massive spike towards the oversold region, suggesting a bearish presence at the current price level.
The Bollinger bands are currently narrow and will converge further in the future. The bands’ convergence suggests a drop in volatility for the Binance coin price, and as the price is consolidating below the bands’ mean line and touching the lower limit, the bands will be leaning downward for the next few candlesticks.
Overall, the 4-hour technical analysis issues a weak buy signal, with nine of the 26 major technical indicators suggesting support for the bulls. On the other hand, seven indicators issue sell signals suggesting further bearish movement across the timeframe. Meanwhile, ten indicators remain neutral and do not support either side of the market.
The 24-hour technical analysis accentuates this sentiment and also issues a buy signal with 14 indicators supporting an upwards trend against five, suggesting further downwards movement. Meanwhile, seven indicators sit on the fence and do not issue any signals at the time of writing.
What to expect from Binance Coin price?
After failing to break above the $600 mark, Binance Coin price has fallen to the $500 mark, with price volatility dwindling with the passage of time. While both sides attempted breakthroughs from the current channel, there was little success due to a lack of momentum on both sides.
Currently, the indicators suggest bearish dominance, while the technical analyses show a lack of momentum, suggesting further consolidation at the current level before a bearish breakout. As such, traders should expect the Binance Coin price to fall below the $500 mark towards the $460 support level.
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.