Binance Coin price analysis: BNB breaks past $230 as bulls charge towards $250

TL;DR Breakdown

• Binance Coin price analysis suggests upwards movement to $250
• The closest support level lies at $220
• BNB faces resistance at the $233.9 mark

The Binance Coin price analysis shows that BNB finds support at the $210.00 level and has started to climb back towards the $240.00 mark. Currently, the bearish pressure is decreasing across the short term as the buyers gain momentum. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include ETH and BTC recording a 9.49 and a 6.21 percent incline, respectively.

Binance Coin price analysis: BNB climbs back to $230

The MACD is currently bearish as expressed in the green color of the histogram. However, the indicator shows low bullish momentum in recent hours as observed in the short height of the histogram which suggests weak selling momentum. Regardless, the darker shade of the histogram suggests an increasing buying pressure as the price climbs towards the $240.00 mark

The EMAs are currently trading below the mean position as net price movement over the last seven days remains negative. However, as the markets observe bullish activity, the EMAs move up towards the mean line, with the 12-EMA taking the lead. In recent hours the increasing gradient of the EMAs suggests an increasing buying activity in the BNB markets.

The RSI has been trading in the neutral region for the past few days as momentum remained low on either side. However, at press time, the index trades close to the oversold region at 70.00 and hovers at 68.73 moving upwards to show strong buying pressure. The current position leaves low room for further upwards movement across the short term while the gradient shows bullish dominance.

The Bollinger Bands has been moving in a narrow channel as the price slowly moved around the $220.00 mark. The bands have been diverging since yesterday as price volatility rose with BNB breaking above the $230 mark. Currently, the indicator’s mean line provides support at the $220.00 mark while the upper limit presents resistance at the $233.90 mark. 

Technical analyses for BNB/USDT 

Overall, the 4-hour Binance Coin price analysis issues a buy signal with 13 of the 26 major technical indicators supporting the bulls. On the other hand, only four of the indicators support the bears showing low bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.

The 24-hour Binance Coin price analysis share this sentiment and issues a buy signal with 10 indicators suggesting an upwards movement against eight indicators suggesting a downwards movement. The analysis shows the bullish dominance across the mid-term charts while showing strong selling pressure for the asset across the mid-term charts. Meanwhile, eight indicators remain neutral and do not issue any signals at press time.

What to expect from Binance Coin price analysis?

The Binance Coin price analysis shows that after finding support at the $210 mark, BNB has slowly started to climb back towards the $250.00 mark. Currently, the price finds support at the $220.00 mark as the bulls break above the $230.00 level. Furthermore, the bearish pressure on the price action has been declining in recent hours.

Traders can expect BNB to move upwards to the $240.00 mark as the bulls find support at the $220 level. Furthermore, the evaporating bearish pressure leaves room for sharp upwards movement across the mid-term charts. 

This suggestion is reinforced by the mid-term technical analyses which show a bearish dominance over both the 4-hour and the 24-hour charts. As such, the price can be expected to move between $230.00 to $250.00 with a potential upwards movement to the $270.00 mark.