TL;DR Breakdown
- Binance Coin price expected to fall to $150
- The closest support level lies at $220 and further below at $200
- BNB faces resistance in crossing above the $250 mark.
Binance Coin price finds itself struggling to recover to $250 as the price sticks to the $225.0 mark. After the dip below the $200 mark, BNB has consolidated around the $225.00 mark, with the price oscillating around the level.
Binance Coin price moved in a relatively tame manner until February 18, when the price spiked above the $175 level. The bullish momentum carried the price to the $325 price level before the price action was rejected. The trend rejection caused the price to fall to $200 before stabilizing. Since then, the price has failed in rising above $250 and consolidates around $225.
Technical indicators for BNB/USDT
Across the technical indicators, the MACD is bearish but shows a declining bearish momentum as the indicator approaches a bullish crossover. The declining size of the red histogram suggests a bullish pressure at the current price level. The two EMAs remain low but show convergence as the 26-EMA joins the 12-EMA in its horizontal movement.
The RSI is neutral and exhibits little to no deviation from the 45.00 mark across the last five days. The indicator’s horizontal motion suggests a lack of momentum towards either side. However, the neutral position leaves much room for high volatility in either direction.
The Bollinger Bands are currently narrow showing further convergence as the price trades close to the indicator’s mean line. The indicator suggests low volatility for the Binance Coin price in the short term, with room for a rally in either direction. However, the convergence suggests low activity in the markets.
Overall, the 4-hour technical analysis issues a sell signal with 10 of the 26 major technical indicators suggesting a downwards price movement. On the other hand, only six indicators suggest an upwards breakout from the current consolidation. The remaining ten indicators are sitting on the fence and issue no signals supporting either side of the market.
The 24-hour technical analysis contradicts this sentiment with 12 indicators suggesting a bullish price movement against four suggesting a bearish price action across the timeframe. Meanwhile, ten indicators are neutral and do not issue any signals suggesting support for either side.
The disparity between the two technical analyses suggests the lack of momentum and trader indecisiveness.
What to expect from Binance Coin price?
Traders should expect Binance price to fall further as the bulls struggle to find momentum. The mixed technical analyses and the declining trade volume makes it unlikely for the price action to make a recovery to the $300 mark. Furthermore, the lack of momentum suggests further decay for Binance Coin price before BNB finds bullish support.
Conversely, if the buyers defend the $225 support level, the Binance Coin price may make a recovery to the $250.00 mark. However, the lack of momentum means that BNB would only be rejected once again.
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