Binance Coin Price Analysis: Time to Rebound or Further Corrections Awaited?

The BNB price forecast is still unclear in terms of swing movements.
  • 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
Source: Coinmarketcap

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

Source: BNB/USD on TradingView

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. 

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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 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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