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- Binance coin faced severe negative momentum due to overall market conditions
- BNB price broke below the crucial mark of $250.00, resulting in a weekly shredding of -7.00%
- However, the BNB/BTC pair has turned positive with an overall gain of 4.00%, indicating that the bulls might be ready for a bounceback
The weekly chart of Binance coin highlights the negative retracement faced by the price levels after testing the bullish regime residing above $300.00. BNB price took the support of $245.00 for countering the downtrend and currently is above $250. The CMP is placed at $253.14, with an overall loss of 2.74% over the day. The market capitalization is at $37.75B, with a 24-hour volume traded of $2.4B. The BNB/BTC pair’s significant positive momentum might be indicating a trend reversal for BNB holders in the upcoming trading sessions.
Binance coin (BNB) Technical Analysis
The technical chart of the Binance coin on a 4-hour candlestick highlights the negative momentum faced by testing the resistance line placed at 0.786fib level. The current levels are heading towards the support line placed at 0.236fib level. However, a positive bounceback from the 0.382fib level can also be expected. Under Bollinger Bands, BNB coin price supports $244.00 while facing minor resistance at $264.00 in a shorter timeframe.
RSI (Bearish): The levels have taken severe damage after a positive breakout to the overbought region. However, the bulls have avoided a negative dip towards the oversold region and are currently showcasing positive nature with the current level of 42.85. A positive breakout above 50 might put the cryptoasset into a bullish regime.
MACD (Bearish): The levels had faced a negative dip below the histogram after a bearish crossover. There is no sign of positive retracement in the levels nor the development of green bars on the histogram. This might indicate further selling pressure for BNB.
A decisive stage for Binance coin
While considering the overall market conditions, it’s better to speculate rather than participating and adding high volatility in the investment bucket. The BNB price forecast is still unclear in terms of swing movements. Technical indicators suggest more corrections to come for the cryptoasset, while the overall market conditions are looking for a positive bounceback as of now.
Resistance level: $264.00 & $280.00
Support level: $244.00 & $220.00
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
