Binance Coin Forms a Bearish Divergence as Market Weakness Continues

• Binance coin price analysis shows downtrends forming as market weakness continues.
• The BNB/USD pair has lost almost 2.41% of its value in the last 24 hours.
• The Binance coin is currently trading below the $332 resistance level.

The Binance coin price analysis is indicating declining momentum in the BNB/USD pair. The price has declined from $332 to its current value of $323.28, losing almost 2.41% of its value in the last 24 hours. The bearish divergence is visible on the charts as the price has failed to make any major gains during a period of positive momentum in other sectors of the crypto market.

The support for BNB/USD is currently standing at $318.30 and a break below this level could cause a further decline toward the key support level of $315, which could potentially lead to a bearish trend in the near future. On the upside, BNB/USD needs to break out of the $332 resistance level in order to show any signs of resilience. The resistance level was tested yesterday but was rejected as the bulls were not able to push the price past this level.

The border crypto market is under bearish pressure today. The majority of cryptocurrencies are trading in the red, with Bitcoin and Ethereum leading the way. The altcoins are following suit, with Binance coin being no exception. The market cap remains at $50 billion and the 24-hour trading volume stands at $640 million.

It is important to note that Binance coin could still show some short-term upside if the bulls manage to break out of the $332 resistance level. However, it is likely that market weakness will continue in the near future and could cause

Looking at daily technical indicators, The moving average convergence/divergence (MACD) is showing a bearish divergence in the BNB/USD pair. The MACD line has crossed below the signal line, showing a potential downtrend in the near future.

The relative strength index (RSI) is also trending downwards and is currently at 64.92, indicating that the market bears are gaining more control over this digital asset. The 50-day moving average has crossed below the 100-day moving average, signaling a bearish trend in the Binance coin.

The four-hour chart for BNB/USD also shows bearish progress in the last few hours as the price levels continue to decline. If the BNB/USD pair is able to break out of the $332 resistance level, it could start a bullish uptrend in the near future. Otherwise, we can expect further losses for this digital asset as the bears regain control over the market.

The hourly technical levels are indicating a bearish outlook for the BNB/USD pair. The MACD oscillator is trending downwards, with histogram bars turning red, which points to a bearish market. The RSI is also at 51.11 and is trending downward, showing that the bears are in control here as well. The Moving average indicator is also trending downwards at $326.8 which is below the current market price.

Overall, Binance coin is showing signs of weakness and a potential downtrend as market conditions remain weak. The $332 resistance level needs to be broken for any significant gains to be made in the near future. Otherwise, the BNB/USD pair could face further losses in the coming days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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