Binance Coin price has finally found a strong support level after appearing to be in freefall as the price was rejected from the $335 mark.
On the 17th February, BNB price broke above the $125 mark, initiating a bull rally that caused the asset to nearly triple in value. BNB price rose to the $335 mark before stopping. However, the sharp rejection caused the price to fall to the $250 mark before finding support. The buyers tried to initiate a bull rally but failed as the price declined further.
In the past 48 hours, the price has recovered from lows of $200 to the $250 mark. However, the price faces strong resistance in crossing above the level.
Across the technical indicators, the MACD is bearish but shows a declining bearish momentum since the price found support at the $200 mark. As the Binance Coin price recovered to the $250 price, the indicator started suggesting a bullish reversal with the size of the red histogram decreasing significantly across the frames.
The 12-EMA was rising until recently when the price met resistance at the $250 mark. Both EMAs are currently close but move horizontally, suggesting bearish pressure at the price level. The indicator would show a bullish reversal once BNB climbs above the $270 mark.
The RSI is neutral and trades close to 50.00 suggesting little to no momentum on both sides. The indicator is currently moving downwards, suggesting bearish pressure at the $260.00 mark. However, the neutral position of the indicator suggests room for a rally in either direction, which suggests high volatility for the Binance Coin price.
The Bollinger Bands are currently moving horizontally with a slight bearish bias. As the price oscillates around the indicator’s mean line, the Bollinger bands are bound to converge to a squeeze in the next few hours. Traders should expect a drop in Binance Coin price.
Overall, the 4-hour technical analysis issues a sell signal of reasonable strength as 14 out of the 26 major technical indicators suggest a bullish price action across the timeframe. On the other hand, only three indicators suggest a bearish movement for the Binance Coin price. Meanwhile, nine indicators sit on the fence and remain neutral, not issuing support for either side.
The 24-hour technical analysis accentuates this sentiment and issues a “strong-buy” signal with 15 indicators supporting a bullish price action against one indicator suggest a drop in price. Meanwhile, 10 indicators remain neutral and do not issue any signals suggesting support for the bulls or the bears.
Traders should expect the Binance Coin price to fall to consolidate at the current level as the price oscillates around the $225 mark. Traders should expect the Binance Coin price to observe low volatility for the next week as the price builds momentum. Following the consolidation, the price would break above the $250 mark to charge at the $300 mark.
Conversely, if the Binance Coin price falls below the $200 mark, BNB may return to the $150 mark before recovering. However, that is unlikely given the high trade volume and the positive technical analyses.
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.
This post was last modified on February 26, 2021 7:46 am
TL;DR Breakdown VeChain price analysis is bullish today.VET/USD saw further advance today.Closest resistance at $0.135.… Read More
TL;DR Breakdown Ethereum price analysis is bullish today.ETH/USD saw a strong rally yesterday.The previous major… Read More
TL;DR Breakdown Chainlink price analysis is bullish today.LINK/USD saw a substantial advance yesterday.Bullish momentum has… Read More
TL; DR Breakdown Binance reports moving a staggering $100 billion in a day's trade. The figure… Read More
TL;DR Breakdown Ripple price analysis is bearish today.XRP/USD saw a strong advance yesterday.Closest resistance at… Read More