TL; DR breakdown
- The price of Binance coins is expected to rise above the $ 140 mark and climb to $ 150.
- The closest support level is at $ 130.00.
- BNB encounters resistance as it crosses the $ 137.50 mark.
The price of Binance coins has risen above the $ 135.0 mark again as the BNB approaches the $ 140.00 mark. After previously failing to cross the price level, the BNB fell back to the USD 120.00 level before finding support. Since then, the price has rebounded to the $ 135.00 level where it is currently trading.
After the year had started relatively low, the price movement at Binance Coin only showed a lot of movement in the second week of February. After breaking the $ 70.00 mark, the BNB launched a bull rally that saw the price jump over 100 percent in three days. However, the price was unable to stabilize at the level and fell back to the USD 120.00 mark.
While the BNB is trading near the USD 140.00 mark, the price movement shows no significant momentum behind the current trend.
The broader cryptocurrency is observing mixed sentiment as most major cryptocurrencies, with the exception of Bitcoin, have seen price move less than one percent in the past 24 hours. Additionally, the industry is divided into bullish and bearish moves during the reporting period, while BTC, ETH and DOT are making gains, while ADA, LTC and XRP are seeing negative price movements.
Across the technical indicators, the MACD is bearish but shows a decreasing bearish momentum as seen in the decreasing size of the histogram. The 26 EMA is still bearish while the 12 EMA has stabilized, suggesting a bullish reversal in the near term. The indicator could turn bullish at noon tomorrow.
The RSI is relatively high but remains neutral, suggesting the potential for movement in either direction. The indicator is trading at 63.14 on a sloping slope, indicating increasing upward pressure on price action. The indicator is currently below the 70.00 mark and does not give a sell signal.
The Bollinger Bands are currently tight but will show expansion as the price approaches the upper bound of the indicator. However, the expansion is not significant, which in the short term suggests low price volatility in the Binance Coin price.
Overall, the four-hour technical analysis gives a buy signal, with 15 of the 26 most important technical indicators pointing to a positive price development in the short term. On the other hand, the chances of a fall in prices are slim, as the analysis shows only one indicator that favors a bearish breakout. In the meantime, 10 indicators remain neutral and do not support either side.
The 24-hour technical analysis shares this view as the analysis also shows 15 indicators of an upward movement. However, the likelihood of a bearish breakout in the timeframe is also higher. Four indicators point to a negative price movement. In the meantime, seven indicators are sitting on the fence and not giving any signals in support of either side.
What can you expect from the Binance Coin price?
Traders should expect Binance price to see a sideways movement at the current price level as the price approaches the resistance level of $ 140.00. The supporting technical analysis and rising trading volume suggest a bullish breakout towards the $ 150.00 mark.
Conversely, if the price of Binance coins falls below the $ 130.00 mark, the BNB may fall back to the $ 120.00 support level. Further downside is unlikely given the positive technical analysis and sustained bullish sentiment in the markets.
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