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Binance coin price analysis: Bulls uncertain as price remains sluggish below $306

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TL;DR Breakdown

  • Binance Coin price analysis shows bearish price function.
  • The next support for BNB/USD is present at $303.
  • Resistance for BNB is present at $310.

According to the latest Binance coin price analysis update, there has been a continuous decline in price levels. The cryptocurrency is steadily moving downwards, approaching the support at $303. Currently, the coin’s price stands at $305.2, and over the past 48 hours, sporadic bearish momentum and price fluctuations have been observed. However, the bears persist in dominating the market, preventing the price from surpassing $306.

BNB/USD 1-day price chart: Downward price movement dominates

Over the past 24 hours, the chart indicates a favorable trend for the bears, with a resistance level of $310. The Binance coin price analysis reveals a decrease in volatility for the bearish momentum, suggesting that future price trends might follow a similar pattern. According to the statistics, the moving average (MA) is currently at $309.3, while the Bollinger bands have an average of $311.9. The coin has experienced a loss of 0.24 percent in the last 24 hours and a loss of 0.91 percent over the past week, with continuous fluctuations in the trend during this period.

bnb1doqBinance coin price analysis: Bulls uncertain as price remains sluggish below 6
BNB/USD 1-day price chart. Source: Tradingview

In the BNB/USD pair, the volatility is relatively low, as suggested by the Bollinger bands indicator. Currently, the volatility is decreasing as the Bollinger bands converge. The strongest resistance level for this crypto pair is located at the $321 mark, indicated by the upper band. Conversely, the lower band signifies support for the coin’s price, positioned at the $302.6 mark.

The relative strength index (RSI) is exhibiting a slight downward curve, trading in the lower half of the neutral zone, which signifies the presence of selling activity in the market. The RSI indicator has now reached an index of 40.

Binance Coin price analysis: Recent developments and further technical indications

The Binance coin price analysis for the 4-hour timeframe reveals a relatively bearish momentum today. The price levels are consistently decreasing, as indicated by the downward movement of the short-term trending line. On the hourly chart, the Bollinger bands are expanding, which may signify a favorable outlook for the cryptocurrency market. The average of the Bollinger bands is currently at $308.9, with the upper band located at the $316 level and the lower band at $301.

bnb4hpsoBinance coin price analysis: Bulls uncertain as price remains sluggish below 6
BNB/USD 4-hours price chart. Source: Tradingview

A bearish signal emerges as the SMA 20 dips below the SMA 50, indicating a potential downturn. The moving average, calculated over the past week, rests at $30.5, representing the collective average. With an RSI score of 41, the current reading is relatively neutral. Nonetheless, the upward trajectory of the RSI indicator hints at potential surprising trends on the horizon.

Binance Coin price analysis: Conclusion

Today’s market has been primarily favorable for sellers, as they dominate the overall trends as per Binance coin price analysis. The resistance levels are gradually lowering and shows potential for further decrease. If the current uptrends continue, there is a reasonable chance that the support levels will also rise. However, if selling pressure intensifies, there is a possibility that the price may revisit the $303 support level.

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.

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