- Binance Coin price expected to fall to $250 before another attempt at $300
- BNB faces resistance at the $290 mark.
- The closest support level lies at $275 and further below at $250
Binance Coin price action was rejected at the $300 mark as the bulls failed in breaking through the resistance level. The rejection caused the price to fall back to the $275 mark where it currently sits. Since falling to the level, BNB has oscillated around the level, with neither side allowing the price to deviate much from the level.
The broader cryptocurrency market observes a negative price action across the last 24 hours as most major cryptocurrencies record losses across the period. While some assets like Bitcoin and Ethereum record minor moves, assets like Cardano, Polkadot, and Binance Coin record losses of 4.72, 5.52, and 12.3 percent, respectively.
Technical indicators for BNB/USDT
Across the technical indicators, the MACD exhibited a bearish crossover yesterday and has since shown an increasing bearish momentum represented by the enlarging red histogram. The two EMAs are both moving downwards since the rejection at the $300 mark. However, the 12-EMA is falling with a steeper slope compared to the 26-EMA suggesting an increasing selling momentum.
The RSI flashed overbought signals on March 9 but went back to the neutral zone the very next day. Since then, the indicator has remained neutral, with the RSI moving steadily towards the 50.00 mark. Currently, the indicator is moving horizontally, suggesting bullish pressure at the price level. However, the momentum stays low as the trade volume dwindles.
The Bollinger Bands were wide until March 11 but now show rapid convergence as the price action oscillates around the $275 mark. Currently, the bands are converging further as the price trades close to the indicator’s mean line. The indicator suggests low volatility for Binance Coin price in the short term.
Overall, the 4-hour technical analysis issues a buy signal with 13 of the 26 major technical indicators leaning in support of bullish price action across the timeframe. On the other hand, only four of the indicators issue signals in support of a downwards price movement. Meanwhile, the remaining nine indicators do not issue any signals supporting either side.
The 24-hour technical analysis accentuates this sentiment and issues a buy signal with 14 indicators supporting an upwards price movement against two, suggesting a retracement from the current price level. Meanwhile, the remaining ten indicators sit on the fence and do not issue signals supporting either side of the market.
What to expect from Binance Coin price?
Traders should expect the Binance Coin price to fall to the $265 level before making another attempt at the $300 mark. The positive technical analysis and the bullish market sentiment suggest that an upwards breakout is likely once the price action has significant momentum behind the run.
Conversely, if Binance Coin price fails to hold above the $365 mark, BNB would fall to the $250 mark with room for further downwards movement. However, strong support lies at the $250 mark, and further downwards movement is unlikely unless BTC retraces below the $50,000 mark.