Binance Coin price analysis: BNB rejected at $320, continues moving sideways

It has been two months since Binance Coin was invented, the beginning of which has been marked by multiple pumps and dumps. However, Binance Coin seems to be in an almost perpetual downtrend mode, with no signs of holding on to gains.

Binance Coin is a project that was originally created by Chinese exchange Binance as a means to create a decentralized exchange. As of this moment, Binance Coin (BNB) is being traded on over 200 exchanges and it’s price is fluctuating between $320 and $320. Binance Coin is a token on the Binance exchange, which means that the exchange holds a majority of BNB coins. This means that BNB is the most liquid cryptocurrency that is listed on the Binance exchange.

TL:DR Breakdown

  • The price of Binance coins should move sideways.
  • BNB experiences resistance at $320
  • The next support level is at $280.

Binance Coin opened the day with a bearish outlook as the price dropped from $315 to $291, where it hit its low of the day. BNB is currently back above $300, but bullish momentum remains weak and green candle highs are low.

The broad crypto-currency market has seen negative sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. These include Bitcoin and Ethereum, which posted losses of 5.25% and 6.07%, respectively. Remarkably, Unus Sed Leo (LEO) is swimming against the tide with 7.45% growth over the period.

Technical indicators for NBB/USDT

Technical indicators for BNB/USDT from Tradingview

As for the technical indicators, the MACD has entered bearish territory today, showing increasing bearish momentum as indicated by the rising red histogram. However, the histogram is still short, indicating low dynamic range at this point. The 12-EMA is down and shows bearish momentum in the short term. Meanwhile, the 26-EMA moves horizontally, demonstrating a relatively inactive market for the Binance Coin price.

The RSI is currently neutral and has remained so for the past 13 days, indicating a lack of momentum with neither party seeking to dominate the market. The indicator is currently trading near its median position at 50.00 with a slightly bearish outlook as the RSI loses its upward bias.

The Bollinger Bands are currently tight and showing further convergence as recent price mandles hover around the indicator’s midline. The upper and lower limits are converging, indicating that Binance coin price volatility continues to decline. The middle line of the indicator currently acts as a resistance level for the Binance Coin price to break through.

Overall, the technical analysis on the 4-hour chart gives a sell signal, but the signal is weak, as only 9 of the 26 major technical indicators support the bears. On the other hand, the bulls are still there as eight indicators point to a bullish price movement for Binance Coin. At the time of writing, nine indicators remain neutral and offer no support to either side of the market.

The 24-hour technical analysis underscores this sentiment, with 12 indicators supporting the bears versus only five indicators showing positive price movement in the Binance Coin. However, nine indicators remain unresolved and give no signal at the time of publication.

What can we expect from the Binance coin price?

4-hour price chart from Tradingview

Traders should expect the Binance Coin price to continue to consolidate between $280 and $320 levels as the price trend consolidates. The technical analysis and short-term technical indicators also support this idea and point to further consolidation before the NBB recovers further. Traders can expect a downward breakout as bears continue to dominate the markets since mid-May.

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