TL;DR Breakdown
- Binance Coin Price Analysis Suggests Sideways Move Below $280
- Closest support level is $275
- BNB faces resistance at $280s
Binance Coin price analysis shows that BNB price action rose above the $275.00 mark as the bulls rushed in.
The broader cryptocurrency market has observed bullish market sentiment over the past 24 hours as most major cryptocurrencies registered positive price movements. Leading players included SOL and DOT, which registered gains of 21.32% and 6.48% respectively.
Binance Coin Price Analysis: BNB Rises Above $275
MACD is currently bullish as represented by the green color in the histogram. Additionally, the indicator shows strong bullish momentum represented by the high heights of the histogram. Additionally, the darker shades indicate bullish momentum is building as the price approaches the $80.00 mark.
The EMA is currently trading above the average position as the net price action remains positive over the last 10 days. Additionally, two of his EMAs trading in the distance show bullish momentum. Moreover, the divergence indicator suggests that bullish momentum is building across the 4-hour chart.
This is because the RSI is trading high in overbought territory and the indicator issues a sell signal that suggests a trend correction before the bull market continues. The index is currently trading at the 85.23 mark, showing strong bullish momentum with a sideways slope that suggests bullish pressure is waning.
The Bollinger Bands are currently wide as the price surged from $245 to the current $278 over the past seven days. The price is currently trading near the upper end of the indicator, suggesting high volatility across the short-term chart. The indicator’s average line offers support at $264.40 and the upper end shows resistance levels at $278.50.
Technical Analysis of BNB/USDT
Overall, the 4-hour Binance Coin price analysis has issued a buy signal, with 15 out of 26 key technical indicators providing bearish support. On the other hand, there are only two indicators that support the bears with little to no bullish presence in recent hours. At the same time, 9 indicators are on the fence and not supporting either side of the market.
A 24-hour Binance Coin price analysis shares this sentiment, issuing a buy signal on 15 indicators suggesting an upward move against just four suggesting a downward move for the asset over the entire timeframe. To do. Analysis shows bullish dominance across the daily frame with bearish presence still present. On the other hand, 7 indicators remained neutral and gave no signal on press.
What can you expect from the Binance Coin price analysis?
Binance coin price analysis shows that the Binance coin market is enjoying a bullish rally as the price approaches $280.00. The price is currently facing strong resistance at this level and the bulls seem overextended, but if the bulls keep pushing, the next resistance level is in the $300s.
Traders see BNB decelerate at this level as technicals are bullish while momentum is over-extended and a bullish breakout above $280 could trigger a crash to $260 level We now expect the price to trade in the $270-$280 range for some time before making a bullish breakthrough.
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