Today’s analysis of Binance Coin price is bearish as we anticipate the current rapid spike to the USD 525 resistance that will result in a new turnaround. As a result of the rapid gains, the BNB/USD pair is likely to test another downside.
Binance Coin price analysis today is bearish. The pair found support at an important level from the previous resistance of $510, which coincided with the previous August 2017 mid-term support point which was tested several times before breaking out to open fresh lows last December.
In our current analysis of BNB/USD prices, we anticipate a possible break above the downtrend, near the upper border of the consolidation zone between USD 500 and USD 490.
As seen in the chart above, the price movement has remained in this area for a while. The USD 525 resistance is currently being retested after hitting it with strong momentum yesterday morning. This breakout seems sustainable, but it could be a challenge to get another impetus given the current downside pressure.
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Binance Coin price movement in last 24 hours: Binance Coin appreciates USD 510 support again, jumping back to previous high
Technical indicators are mixed as Bollinger Bands are dropping while RSI and MACD have room to drop. Bollinger Bandwidth will add further volatility when it comes to BNB/USD movements in general over the next few hours or days before deciding which direction to go.
Short-term traders need to maintain a short bias on Binance Coin as daily technical signals are generally bullish. However, on the following days with mixed signals, a neutral deviation is preferred.
A daily close below USD 510 is bearish which could change the current short term uptrend. Alternatively, a move above $525 would shift the momentum to the buyers, up to the mentioned key resistance at $540 and lower targets at $590 and $620.
Long positions can be taken by matching the support at $500-510 with a protective stop loss just below this zone, while maintaining a tight SL just below the last low, which is our potential entry point for long – marked BNB/USD trades.
BNB/USD 4-hour chart: BNB is again rejected by the $525 resistance
On the 4-hour chart, we see a brief jump this morning, followed by resistance for further gains, suggesting that the price of Binance Coin will decline today.
The price of Binance Coin has fluctuated significantly this week. After several levels higher and lower, BNB/USD rose to $573 on Dec 27, making an impressive higher high.
However, the subsequent rebound managed to overcome the previous support, causing a significant turnaround. Binance Coin price dropped significantly on Wednesday, returning to its important monthly maintenance of $510.
From a low of $250 in mid-June, the price of Binance Coin has moved between $525 and $510. Today, after a quick reaction to $525, the BNB/USD pair again tested the $500 support. The NBB may not be ready to recover yet; therefore, a more pronounced decline is expected in the next 24 hours.
Binance Coin Price Analysis: Conclusion
Today’s analysis of Binance Coin price is bearish as its bulls are constantly being rejected. As a result, BNB/USD is expected to drop below $510 where it will continue its multi-day decline.