Binance Coin breaks past $230 as bulls charge towards $250

Binance Coin price analysis shows that BNB found support at the $210.00 level and started climbing back up to the $240.00 level. The downside pressure is currently easing in the near term as buyers are gaining momentum.

The broader cryptocurrency market has seen a bullish market sentiment over the past 24 hours as most major cryptocurrencies have seen positive price action. The major players included ETH and BTC with gains of 9.49 and 6.21 percent, respectively.

Binance Coin price analysis: BNB climbs back to $230

MACD is currently declining, reflected in the green color of the histogram. However, the indicator has shown a slight bullish momentum over the last few hours as seen at the top of the histogram, suggesting a weak selling momentum. However, the darker hue of the histogram indicates increased buying pressure if the price rises to the $240.00 level

The EMA is currently trading below the moving averages as the net price action has remained negative for the past seven days. However, as the market observes bullish activity, the EMA is moving towards the midline, with the 12 EMA leading the way. Over the last few hours, the increasing slope of the EMA indicates increased buying activity in the BNB market.

The RSI has been trading in neutral territory for the past few days as momentum remains low on both sides. However, at press time, the index is trading near the oversold area at 70.00 and 68.73, moving higher to indicate strong buying pressure. The current position leaves little room for further gains in the near term while the gradient suggests a bullish dominance.

Bollinger Bands are trading in a narrow channel as the price is slowly moving around the $220.00 level. The range has diverged since yesterday as price volatility increased and BNB broke through the $230 level. Currently, the indicator’s midline offers support at $220.00, while the upper limit is resistance at $233.90.

Technical analysis for BNB/USDT

Overall, Binance Coin’s 4-hour price analysis provides buy signals, with 13 of the top 26 technical indicators supporting gains. On the other hand, only four indicators favor the downside and point to a weak bearish presence over the last few hours. At the same time, nine indicators stand on the fence and do not support either side of the market.

Binance Coin’s 24-hour price analysis shares this view, providing a buy signal with 10 indicators showing an up move versus eight indicators showing a down move. The analysis shows a bullish dominance on the medium term chart while also showing strong selling pressure for the asset on the medium term chart. The eight indicators meanwhile remain neutral and provide no signals at the time of writing.

What to expect from Binance Coin price analysis?

Binance Coin price analysis shows that after finding support at the $210 level, BNB is slowly starting to move back towards the $250.00 level. The price is currently finding support at $220.00 as the bulls scale above $230.00. Moreover, the bearish pressure on the price action has eased over the last few hours.

Traders can expect BNB to rally to the $240.00 level as bulls find support at $220. Moreover, the bearish pressure subsides on the medium term chart leaving room for some meaningful bullish run.

This idea is supported by the medium term technical analysis, which shows a bearish dominance on the 4-hour and 24-hour charts. Therefore, the price can be expected to range between $230.00 and $250.00 with a possible rally to $270.00.