Binance Coin price analysis: BNB struggles to leave $340.00
The Binance Coin price analysis shows that the BNB price action has broken above the $340.00 mark as the bulls show strong momentum. However, the price action still faces strong bearish resistance at this level.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include BTC and ETH showing a 7.54 and a 5.97 percent incline, respectively.
Technical analyses for BNB/USDT
The MACD is currently bullish as expressed in the green colour of the histogram. However, the short height of the indicator suggests a low bullish momentum at the press time. Moreover, the lighter shade of the histogram suggests that the bullish momentum is steadily declining as the price moves back toward the $340.00 mark.
The EMAs are trading above the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading close to each other showing low bullish momentum at press time. On the other hand, the converging EMAs suggest a slowly increasing bearish momentum.
The RSI briefly rose to the overbought region but has dipped back towards the mean level inside the neutral price zone. At press time, the indicator trades near the overbought level at 64.97 index level as the price suggests high bullish momentum but with increasing bearish pressure at the current price level.
The Bollinger Bands are currently narrow as the price action observes little to no volatility across the short-term charts. Furthermore, the declining trade activity and the short-term indicators suggest low volatility across the next few days. At press time, the bands’ lower limit provides support at the $324.90 mark while the upper limit presents a resistance level at the $341.5 mark.
Overall, the 4-hour Binance Coin price analysis issues a strong buy signal at press time with 16 indicators supporting the bulls. On the other hand, none of the indicators support the bears showing little to no bearish presence. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Binance Coin price analysis shares this sentiment and also issues a buy signal with 15 indicators supporting the bulls against only one supporting the bears. The analysis shows bullish dominance across the mid-term charts with a low bearish presence at the current price level. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.
What to expect from Binance Coin price analysis?
The Binance Coin price analysis shows that the Binance Coin market is currently in a bullish rally as the price action observed a hike from the $270.00 mark to the $350.00 price level. However, as the bulls failed to establish a foothold above the $350.00 mark, the price returned back to the $340.00 level.
Traders should expect BNB to observe sideways movement at the current price level before the price action continues its upward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bearish and bullish trends respectively. Currently, the price can be expected to move to $330.00 before continuing the uptrend.
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