TL:DR Breakdown
- Binance Coin price expected to move sideways
- BNB faces resistance at the $320 mark
- The closest support level lies at $280
Binance Coin price opened the day with a bearish outlook as the price fell from the $315 mark towards the $291 mark where it bottomed out for the day. Currently, BNB is recovering and has climbed back above the $300 mark but the bullish momentum has remained low with the green candles short in height.
The broader cryptocurrency market observes a negative market sentiment across the last 24 hours with most major cryptocurrencies recording losses over the period. These include Bitcoin and Ethereum that record losses of 5.25 and 6.07 percent respectively. Notably, Unus Sed Leo (LEO) goes against the flow recording a 7.45 percent hike across the period.
Technical indicators for BNB/USDT
Across the technical indicators, the MACD crossed over to the bearish territory today and shows an increasing bearish momentum as represented in the enlarging red histogram. However, the histogram is still short, suggesting low momentum currently. The 12-EMA is moving downwards showing bearish momentum in the short term. Meanwhile, the 26-EMA is moving horizontally, showing a relatively inactive market for the Binance Coin price.
The RSI is neutral at the moment and has remained neutral for the past 13 days showing the lack of momentum as either side struggles for market dominance. Currently, the indicator is trading close to the mean position at 50.00 with a slightly bearish outlook as the RSI loses its upwards gradient.
The Bollinger Bands are currently narrow and show further convergence as the recent price candles oscillate around the indicator’s mean line. The upper and the lower limits are converging further, suggesting a further drop in Binance Coin price volatility. The indicator’s mean line is currently acting as a resistance level for the Binance Coin price to break through.
Overall, the 4-hour technical analysis issues a sell signal; however, the signal is weak as only nine of the 26 major technical indicators issue support for the bears. On the other hand, the bulls are still present as eight indicators suggested a bullish movement for the Binance Coin price. Meanwhile, nine indicators remain neutral and support neither side of the market at the time of writing.
The 24-hour technical analysis accentuates this sentiment with 12 indicators supporting the bears against only five indicators suggesting a positive movement for the Binance Coin price. Meanwhile, nine indicators sit on the fence issuing no signals at press time.
What to expect from the Binance Coin price?
Traders should expect the Binance Coin price to continue consolidating between the $280 and the $320 mark as the price action consolidates. The short-term technical analysis and the technical indicators also reinforce this idea suggesting further consolidation before BNB breaks out. Traders can expect a downwards breakdown as the bears continue dominating the markets since mid-May.
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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Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2021-07-05/
