Binance Coin price analysis: Support arrives for BNB at $314 after a sharp decline

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The most recent Binance Coin price analysis reveals that the price is recovering following a steep decline yesterday. The prior week’s trend was bearish, as the price continued to fall. However, the price has been able to stabilize around $315.8 since the upward trend reappeared today. On the other hand, when selling pressure is present … Read more

The most recent Binance Coin price analysis reveals that the price is recovering following a steep decline yesterday. The prior week’s trend was bearish, as the price continued to fall. However, the price has been able to stabilize around $315.8 since the upward trend reappeared today. On the other hand, when selling pressure is present and price oscillation is sluggish, there is a chance that the trend will reverse before the current trading session concludes.

BNB/USD 1-day price chart: BNB on the recovery, bouncing back from a recent slump

The one-day Binance Coin price analysis indicates a price increase as a result of the bulls’ success in making a comeback. The price of BNB/USD has recently increased and is currently at a level of $315.8. The bullish momentum is now resurgent after the bears had been in charge of the market for the previous week and the preceding three days as well. On the one-day price chart, the moving average indicator (MA) is showing a value of $322.8.

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BNB/USD 1-day price chart. Source: Tradingview

However, the Bollinger Bands, which measure the volatility of the price, are diverging, with the upper band indicating resistance at $338.7 and the lower band indicating support at $313.5. The Relative Strength Index (RSI) is at index 43, showing that support is present but also indicating the presence of selling pressure.

Binance Coin price analysis: Recent developments and further technical indications

The four-hour Binance Coin price analysis shows that bulls are attempting to regain control of the market, but selling pressure is limiting the coin’s recovery. In the last four hours, selling activity has been observed. This is evident by the last candlestick, which has shrunk in size after elongating up to $16.7. As the price has been rising constantly for the past few hours, it can be expected that bulls might find more support. Moving on, the moving average value in the four-hour price chart is standing at $317.8 as well.

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BNB/USD 4-hours price chart. Source: Tradingview

The Bollinger bands indicator is dictating an average of $322. Whereas its upper value is resting at the $329.9 position and the lower value is at the $314.3 position. The indicator predicts high volatility on an hourly basis for BNB/USD. The RSI score has also increased to 34 levels after taking a dip in the underbought region yesterday. But the buying process initiated recently has recovered a good margin.

Binance Coin price analysis: conclusion

In conclusion, the Binance Coin price analysis shows mixed signs of bullish and bearish trends. While the price has recovered to $315.8 and the bulls have attempted to regain control of the market, selling pressure continues to limit the coin’s recovery. It remains to be seen whether the bulls will receive enough support to continue the upward momentum, but high volatility can be expected in the short term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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