Posted on August 2, 2022
- Binance Coin price analysis suggests an upwards movement to the $350 mark
- The closest support level lies at $275
- BNB faces resistance at the $295 mark
The Binance Coin price analysis shows that BNB found support at the $240.00 mark, to initiate a bullish rally that would propel it to the $300 mark where it currently stands. However, strong selling pressure still haunts the price action across the mid-term charts.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include AVAX and ETH, recording a 6.68 and a 5.03 percent incline, respectively.
Binance Coin price analysis: BNB finds support at $240
The MACD is currently bearish, as expressed in the red color of the histogram. However, the indicator shows strong bearish momentum as observed in the tall depth of the histogram. Furthermore, the lighter shade of the histogram suggests a declining bearish momentum across the short-term charts as BNB finds support above the $280.00 mark.
The EMAs are currently trading below the mean position as net price movement over the last ten days remains low. However, as the markets observe buying activity, the EMAs show signs of a bullish convergence, with the 12-EMA moving back towards the 26-EMA, reflecting the recent buying activity.
The RSI broke above the overbought price level on July 29 but had been moving downwards since. Yesterday, the index fell to the 40.00 index unit level and has remained neutral since then.
The Bollinger Bands have been narrow for the last couple of days as the price volatility remained low. The low width suggests a decreasing momentum from either side. Currently, the bands’ lower limit provides support at the $276.80 mark while the upper limit presents a resistance level to the bulls at $294.1.
Technical analyses for BNB/USDT
Overall, the 4-hour Binance Coin price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only three of the indicators support the bears showing little to no bearish presence in recent hours. At the same time, nine 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 13 indicators suggesting an upwards movement against only four indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing very low buying pressure for the asset across the same timeframe. Meanwhile, nine 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 Binance Coin’s bullish rally started with the drop to the $240.00 level, at which point the buyers fiercely pushed back. The following rally caused the price to spike to the $300 resistance level below which it currently trades.
Traders should expect BNB to break above the resistance level as the bulls try to break through to the $350.00 mark. The suggestion is reinforced by the mid-term technical analyses, both of which are bullish, suggesting further positive movements for the Binance Coin price analysis.