The price of the Binance Coin found support at the $400 price level yesterday, allowing buyers to gain momentum to move above the $420 resistance level. While the bulls show clear market dominance, price action still finds one strong resistance. Meanwhile, the technical indicators point to the correction before another upward movement.
The broader cryptocurrency market has seen a bullish market sentiment over the past 24 hours as most major assets have seen positive price movements during the period. The main players include Solana and Dogecoin with gradients of 36.51 and 11.81%, respectively. Meanwhile, Bitcoin and Etherium prices also rose 3.25 and 4.30 percent.
Technical indicators for BNB/USDT: BNB may observe a correction at $425
In addition to the technical indicators, the MACD has recently shown a bullish crossover as the 12 EMA surged above the 26 EMA. Currently, the two EMAs are sharply divergent, indicating strong pressure from buyers in the market as the price of Binance Coin rose above $420 to the $450 level. The big difference between the two EMAs leaves room for volatile activity.
The RSI is currently neutral but close to the overbought area as indicators trade near the 70.00 level. Currently the RSI is moving up as buyers continue to move heavily. However, the RSI suggests that a further upward move would mean a decline back to the USD 410 support level. The RSI is generally neutral but will soon emit a sell signal offering a downward move.
At the moment, the Bollinger Bands are narrow, but show expansion as the price of Binance Coin has crossed the channel. Currently, the middle line of the indicator offers increasing support for BNB, while the upper limit acts as resistance. In general, indicators show increased volatility in the price action of Binance Coin.
Overall, the 4 hours technical analysis provides strong buy signals indicating a bullish dominance at current price levels. The analysis shows 16 of the 26 key technical indicators supporting the Binance Coin’s upward movement in price. On the other hand, none of the indicators gives a sell signal, which indicates a lack of bears at current levels. Meanwhile, the other nine indicators are on the fence, providing no signals to support either side of the market.
Over time technical analysis shares this feeling and also provides buy signals, which indicates a positive outlook for Binance Coin price development on the medium term chart. The analysis shows 15 indicators pointing to a further upward move in the Binance Coin price development, compared to only four indicators pointing to a downward price movement. Eight indicators remain neutral at the time of writing.
What to expect from the Binance Coin price?
Traders should expect Binance Coin price to hit $450 as the mid-term technical analysis shows strong support for the bulls. However, it is expected that BNB will monitor the recent adjustment of the level to the $400 support as the short term technical indicators have shown bearish pressure in the last hours.
People Also Search On Google Binance Coin Related
1. How much will Binance coin be worth in 2021?
As a long-term investment, Binance Coin is expected to do very well. He predicts the value of Binance Coin could rise to $853 by the end of 2021, rise to $1,093 by 2022, and reach an average price of $2,350 by 2025.
2. Is Binance Coin a good investment?
Binance Coin is probably safe to invest in, although there are a few things you should know before investing. As already mentioned, Binance Coin is considered a relatively safe coin. Historically, it has been less stable than other altcoins and has retained many of its advantages.