- Binance Coin price expected to break above the $140 mark to rise to $150.
- The closest support level lies at $130.00.
- BNB faces resistance in crossing the $137.50 mark.
Binance Coin price has once again climbed above the $135.0 mark as BNB approaches the $140.00 mark. After failing to breach the price level before, BNB declined to the $120.00 level before finding support. Since then, the price has managed to recover to the $135.00 mark where it currently trades.
After starting the year on a relatively low note, Binance Coin price action did not show much movement until the second week of February. After climbing above the $70.00 mark, BNB initiated a bull rally that caused the price to increase by over 100 percent in three days. However, the price could not stabilize at the level and descended back to the $120.00 mark.
While BNB trades close to the $140.00 mark, the price action is not showing significant momentum behind the current trend.
The broader cryptocurrency observes a mixed sentiment as most major cryptocurrencies, except Bitcoin, record price movement of less than one percent across the last 24 hours. Furthermore, the industry is divided into bullish and bearish movements across the period as while BTC, ETH, and DOT record profits, ADA, LTC, and XRP record negative price actions.
Across the technical indicators, the MACD is bearish but shows declining bearish momentum as observed in the decreasing size of the histogram. The 26-EMA is still declining while the 12-EMA has stabilized, suggesting a bullish reversal in the short-term. The indicator may turn bullish by noon tomorrow.
The RSI is relatively high but remains neutral, suggesting potential for movement in either direction. The indicator is trading at 63.14 with an inclined gradient suggesting a rising bullish pressure on the price action. The indicator is currently below the 70.00 mark and does not issue a sell signal.
The Bollinger bands are currently narrow but show expansion as the price approaches the indicator’s upper limit. However, the expansion is not significant, suggesting low price volatility for Binance Coin price in the short term.
Overall, the four-hour technical analysis issues a buy signal with 15 of the 26 major technical indicators suggesting a positive price action across the short term. On the other hand, the chances of a decline in price are low as the analysis shows only one indicator favoring a bearish breakout. Meanwhile, 10 indicators remain neutral, issuing no support towards either side.
The 24-hour technical analysis shares this sentiment as the analysis also shows 15 indicators in favor of an upwards movement. However, the chances of a bearish breakout across the timeframe are also higher, with four indicators suggesting a negative price movement. Meanwhile, seven indicators are sitting on the fence, issuing no signals to support either side.
What to expect from Binance Coin price?
Traders should expect Binance price to observe sideways movement at the current price level as the price approaches the $140.00 resistance level. The supportive technical analyses and the rising trade volume suggest a bullish breakout towards the $150.00 mark.
Conversely, if the Binance Coin price falls below the $130.00 mark, BNB may retrace to the $120.00 support level. Further downwards movement is unlikely given the positive technical analyses and the bullish sentiment persisting in the markets.
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.