The Binance coin price analysis is bullish today as the coin’s price function is headed upwards, as it consolidates at the $326 level. The bulls have been in control of the movement for the past 24 hours, allowing them to keep the price of BNB above the $325 level since yesterday.
Cryptocurrencies price heatmap, source: Coin360
However, there is still a lot of resistance present at this point, and a few minor bearish pullbacks have been observed. If the bulls can break through this level, then the BNB/USD pair could move up to $327 and possibly beyond.
On the downside, the immediate support for BNB/USD is at $319. This is where the bulls are likely to be tested as they try to push the price higher. If the bears are able to take control, then a further drop toward $318 could be expected.
Binance coin price analysis 1-day price chart: BNB bulls found support at $319
The 1-day price chart for Binance coin price analysis shows the price continues to heighten as bullish momentum continues throughout the day with more buying pressure. The price has already breached yesterday’s high at $323 and is trading above the psychological level of $319.BNB has gained a value of 0.53 percent over the last 24 hours, but BNB also reports a loss of more than 2 percent over the past week.
BNB/USD 1-day price chart. Source: Tradingview
The volatility is high, as the Bollinger bands Indicator is maintaining its expansion, the upper limit is at $355 and the lower limit is at $270. The RSI indicator is also gradually climbing toward the overbought zone as it is currently in neutral territory at 57.04. The MACD Indicator has crossed from bearish to bullish as BNB is trading above the signal line, suggesting that further upward momentum could be in store for BNB in the near term.
Binance coin price chart: BNB shows a bullish tendency as the price rallies toward $326
The 4-hour price cart for Binance coin price analysis shows bulls have ruled the chart for 4- hours today after a bearish retracement was observed. The bulls are making an attempt to further push the price higher as buyers step in and take control of the market. The buyers and sellers are locked in a battle as the price moves within a tight range between $326 and $324. The Bollinger bands on the 4-hour chart are fairly tight with the upper limit at $330 and the lower limit at $319.
BNB/USD 4-hour price chart. Source: Tradingview
The overall trend for BNB is still bullish, as the 50-moving average continues to trade above the 200MA. The Stochastic RSI indicator is currently in neutral territory at 51.62 and if the bull’s strength continues then RSI could cross the overbought level. The MACD indicator is currently holding its position above the signal line and if this trend continues then further upward momentum could be expected in the near future.
Binance coin price analysis conclusion
Binance coin price analysis shows that the bulls are in control now and the price has consolidated around $326 after a bullish run. The immediate support for BNB/USD is at $319 and a break below this level could lead to further bearish action. However, the overall trend remains bullish and if the bulls can continue their momentum, then BNB could move up to the $327 level and beyond in the near term.