Binance Coin price prediction: BNB not ready to move above $530 resistance

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Summary of the situation

  • The price of the financial currency is expected to be in the vicinity of $450.
  • The next level of support is $500. The cost of the project would be $480, and below that, at $480, the cost would be $1,000.
  • BNB is facing resistance at $530.

After the price of Binance Coin finally reached the $580.0 mark, it failed to continue its rally and the price has continued to fall ever since. While buyers defend the price just below $500.00, downward pressure prevents the price from rising above $530.00.

The broader crypto-currency market has been bullish over the past 24 hours, with most major crypto-currencies posting gains over time. The key players were ADA and NBB, which grew by 14.53% and 7.62% respectively. Meanwhile, Bitcoin and Ethereum posted gains of 2.75% and 3.48%, respectively.

Technical indicators for NBB/USDT

Technical indicators for BNB/USDT from Tradingview

Binance Coin price prediction: BNB not ready to move above $530 resistance

In all technical indicators, the MACD shows a decrease in bearish momentum. Although the histogram is still red at the time of writing, its magnitude has decreased significantly and the indicator is above the -8.00 threshold. With the 12-EMA still trading below the 26-EMA, the difference between the two is negligible and they could show a reversal at any time.

The RSI is currently hovering in the neutral zone just below the 48.00 level, but giving no signals. It was in the neutral zone last week. During the last few hours, there was an upward movement of the indicator towards the overbought area, indicating an increasing bullish presence.

The Bollinger Bands are currently wide and will widen in the future based on the dark green candlesticks. The widening of the band indicates increased volatility in the price of BNB, which is currently just below $520. Meanwhile, since the price is much closer to the middle line of the band than to the bottom line, it will show an uptrend for the next few candles.

Overall, the technical analysis on the 4-hour chart gives a sell signal, with 11 of the 26 major technical indicators supporting a bearish move. On the other hand, only five indicators give a buy signal, indicating bullish momentum. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.

The 24-hour technical analysis does not share this opinion and gives a buy signal, as 12 of the 26 indicators point upwards, while only five indicators point downwards. Nine indicators remain neutral and give no signal at the time of writing.

What can we expect from the Binance coin price?

4-hour price chart with Tradingview

Binance Coin price prediction: BNB not ready to move above $530 resistance

Traders should expect the financial currency to fall to the $450.00 level if buyers fail to generate bullish momentum. The increasing downward pressure has led to price stagnation around the $520 mark. Technical indicators and a negative short-term analysis also support this statement.

Conversely, if buyers defend the $500 support level, the NBB will continue to trade in this price range for the next few days, with both sides vying for dominance.

Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

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Emilia James
By Emilia James

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