The Binance Coin price analysis shows BNB coin is trading in a range-bound channel as buyers and sellers remain in balance. The Binance Coin has made several attempts to break above the $275 resistance level, but bears have been quick to push it back down.
The key support and resistance levels for the BNB coin are seen at $250.0 and $275, respectively. For the bulls to gain control of the market, they need to break out of this range and move above $285. On the other hand, if the BNB price falls below $260, it could see further losses.
At the time of writing, Binance Coin is trading at $275.18 with a 24-hour trading volume of $516,573,189 million. There has been no significant change in the price over the past 24 hours as the volatility is low. The BNB/USD pair is currently trading around the $275 mark.
BNB/USD Technical analysis on a daily chart: BNB consolidates above $270
The Binance Coin price analysis for the daily chart shows BNB coin has been trading inside a range of $272.28 to $281.64. The pair is currently consolidating above $270, and the short-term outlook remains neutral.
The key support levels are seen at $272.28 and $260, while resistances are observed at $281.64 and $285. If the bulls break out of this range, they would be able to push the price up to test the next resistance at $300. On the other hand, if the BNB/USD pair breaks below $260, it could see further losses and perhaps even a retest of the $250 support area.
The Moving Averages lines are also confirming the consolidative nature of BNB as the 50 DMA (green) is below the 200 DMA (orange). The RSI for BNB/USD is currently at 56.20, indicating a neutral sentiment in the market. The SMA 50 is trending below the SMA 200, indicating a bearish bias in the market.
The price action has been relatively quiet in recent days, but this could change soon. The bulls need to break out of the range and push the BNB/USD pair above $285 to signal further gains. On the other hand, a break below $260 would indicate further losses in the near term.
Binance Coin price analysis on a 4-hour chart: BNB coin to retest $272 support
The Binance Coin price analysis on the 4-hour chart shows BNB coin has been consolidating near the $272.28 support. The price has failed to break the $275 resistance level, suggesting that bears are in control of the market at this time. The key levels for BNB/USD are seen at $270 and $280, respectively. If the bulls manage to push above the latter, it could signal further gains and a potential retest of the $285 resistance. On the other hand, a break below $272.28 could lead to further losses for the BNB coin and a retest of the $260 support area.
The MACD indicator is currently in the bearish territory, with its histogram decreasing as well. The RSI for BNB/USD is currently at 55.75, indicating a neutral sentiment in the market. The bears seem to be targeting the Fibonacci retracement level of 61.8%, which is currently at $250.0.
The bulls need to break out of the range and move above the Fibonacci extension level of 100% at $285 to signal further gains. On the other hand, a break below $272 could lead to further losses in the near term.
Binance Coin price analysis conclusion
The Binance Coin price analysis shows that BNB coin is currently trading in a neutral zone and is consolidating between the key support and resistance levels of $272.28 and $285, respectively. The bulls need to break out of this range and move above $285 to signal further gains. On the other hand, a break below $260 could lead to further losses in the near term.