- The RSI is slightly above the 60, and it seems to be going towards the overbought region.
- Most of the altcoins are trading in the same negative trend.
- The MACD line has crossed over the red line signaling a bullish trend.
Binance coin price analysis: General price overview
Towards the closure of yesterday’s Binance price analysis chart, BNB/USD traded in a negative trend. However, when the daily price chart picked off, buyers were in control of the market, making BNB/USD trade in a bullish trend to an intraday high of $481.4.
The bullish momentum did not last long before buyers came in more robust and set the price to fall in a falling wedge to intraday lows of $472.2, where the bearish trend faced strong resistance from the bulls setting the price to a surging trend.
The general view of the cryptocurrency heat map is bearish as most of the bars are red. The largest digital currency BTC has experienced a loss of -1.6, and it is currently trading in a few thousand dollars below $49K.(ETH), is also trading in a bearish trend, ETH/USD has recorded a drop of more than 1 percent setting its price to trade at$3.2K.
Most of the altcoins are trading in the same negative trend. The meme coin is trading at $0.27, a drop of more than 2 percent from yesterday’s price. Despite Terra having a good weekend today, it has recorded a drop of more than 2 percent. According to the heat map, the Binance coin also trades in a bearish trend with losses of -3 percent making its price $475 at writing.
Binance coin price movement in the last 24 hours: BNB drops to $480
In the last 24 hours, BNB/USD moved in a range of $472 – $490, indicating a low amount of volatility over the last 24 hours. Trading volume has dropped to $2.07 billion, a 3 percent decline, while its market capitalization has dropped by 1 percent, making a total market cap of $74.04 billion.
BNB/USD 4-hour chart: Bulls make a comeback
On the four-hour Binance price analysis chart, Bollinger bands seem to be widening up, meaning that the market is moderately volatile. BNB/USD price is approaching the upper Bollinger band, meaning that the prices are going to the overbought region, the buyers might have taken the wheels from the mighty bears and set for BNB/USD price surge
Looking at the 4-hour chart, we can see the Binance price approaching $480 again as bulls are ready for another attempt to break through.
The MACD line has crossed over the red line signaling a bullish trend. Despite BNB performing poorly in the early hours, the price might surge in the next 24 hours as many technical indicators suggest a favorable market in the coming trading sessions.
BNB/USD 1-hour price analysis chart
The RSI is slightly above the 60, and it seems to be going towards the overbought region. This indicates a possible bull dominance in a few hours to come.
The Balance of the power indicator is above -0.5, meaning that the buying pressure has overcome the selling pressure. It means that the BNB/USD price is set to rise as per Binance price analysis.
Binance Coin price analysis: Conclusion
In the early hours, the Binance coin traded in bearish momentum. However, a few hours later, the market became friendly to the traders, and the market is expected to be more bullish in the next 24 hours.
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