Binance Coin price analysis: Bulls hang onto $498 after gradual bearish push

Binance price analysis Bulls secure a momentary stay at after bearish refusal

TL;DR Breakdown

  • The latest Binance Coin price analysis shows increase in price.
  • Price has improved slightly to reach $498.27.
  • Resistance at $506 is still at a safe height.

The Binance Coin price analysis is showing a slight improvement in the price today, as it has slowly gone past the $498 hurdle. The bearish momentum had casted considerably negative affects on the coin value earlier this day.

Yet, the bulls have taken a small step towards recovery today as green candlestick are appearing in the updated price chart. Further upgrade is to be expected, as the bulls are trying to take full advantage of the opportunity at hand.

BNB/USD 1-day price chart: Bears obstruct price from climbing past $498

The 1-day Binance price analysis is indicating a bearish activity, which has been dominating as it has caused a slight drop in the price today. The bears have been able to break the successive bullish streak, as the price levels have receded once again to $498 value.

The bulls have been relatively stable in the past week, and the moving average (MA) has been $485.4 lately. Also, the volatility for cryptocurrency is also decreasing which is a positive indication for future.

Binance Coin price analysis: Bulls hang onto $498 after gradual bearish push 1
BNB/USD 1-day price chart. Source: TradingView

Moving on, the 1-day price chart is showing the Bollinger bands average at $474.21, and its lower and upper values at $420.20 and $528.21 respectively. The Relative Strength Index (RSI) is at the score of 63.52, and its curve is showing downward movement which is also a bearish sign.

Binance Coin price analysis: Bulls pursue $498 as buy chance resurfaces

The Binance Coin price analysis showing 4-hours progress is giving out a bullish signal, as the bulls are putting their efforts to avail any chance of recovery. The Binance coin value has increased to $499, after going through a massive loss in the past hours.

The moving average is still above the price value because of the recent bearish trends and is currently standing at $498.54. Moreover, the Bollinger bands are making an average value of $495.3 in the 4-hours price chart.

Binance Coin price analysis: Bulls hang onto $498 after gradual bearish push 2
BNB/USD 4-hours price chart. Source: TradingView

The volatility is on the decreasing side as the upper Bollinger band has returned to $505 and the lower Bollinger band to $486 of levels. The RSI score has now balanced itself at 55.04, and has undergone reduction as well.

Binance Coin price analysis: Bulls hang onto $498 after gradual bearish push 3
BNB/USD technical indicators chart. Source: TradingView

The given BNB/USD technical indicators chart is displaying positive signals for the buyers as there have been a slight increase in the Binance coin price analysis today. The summary is dictating that there are 13 indicators at the buying point, with three indicators at the selling and ten at the neutral points.

The moving averages indicator is also going in the favor of the buyers today, as the ongoing fluctuations have resulted in bulls restoring some momentum. It has 13 indicators at the buying point, while placing one indicator each at the selling and neutral points.

The Oscillators are giving a bearish signal, because there are two oscillators present at the selling level, nine at the neutral level and absolutely zero oscillators are there at the buying level.

Binance Coin price analysis conclusion

The 1-day and 4-hours BNB/USD analysis is predicting a rise in price as the coin value has returned to its former position which is at $498.3 level. The bulls have been able to overcome the intensifying bearish momentum, and have been able to restrict the price from going down further.

There is still a long way to go until the bulls are able to win over the cryptocurrency market, and establish their victory. Binance Coin price analysis shows that the resistance at $505 will require maximum pressure from the buyers for them to take the price above it.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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