The Binance Coin price analysis shows bearish momentum with further consistent opportunities. The bears rule the BNB market and are likely to maintain their momentum, and BNB now expects a further devaluation in the coming days. As a result, the bears appear to show firm footing and might engulf the market soon. Furthermore, the BNB price has experienced a crash from $377 to $357 and has remained around that threshold.
The market shows the price of Binance Coin’s negative movement at the $360 mark. BNB continues a bearish movement. BNB currently trades at $357; BNB has been down 4.49% in the last 24 hours with a trading volume of $1,806,145,350 and a live market cap of $58,220,120,306. BNB currently ranks at #4 in the cryptocurrency rankings.
BNB/USD 4-hour price analysis: Latest developments
The Binance Coin price analysis illustrates that the present condition of the market demonstrates negative potential as the price moves downward. Moreover, the market’s volatility follows a massive closing movement, resulting in the cryptocurrency being less prone to volatile change on either extreme and the market entering a squeeze. As a result, the upper limit of the Bollinger’s band rests at $395, serving as the strongest resistance for BNB. Conversely, the lower limit of the Bollinger’s band is present at $353, serving as a support point for BNB.
The BNB/USD price travels under the Moving Average curve, indicating the market is following a bearish movement. However, as the market experiences declining volatility today. In addition, the BNB/USD price seems to move towards the support band, signifying a possible breakout movement, which could prove to be a silver lining for Binance Coin.
The Binance Coin price analysis reveals that the Relative Strength Index (RSI) score is 27 making the cryptocurrency severely undervalued, falling into the lower neutral region. Furthermore, the RSI score moves slightly downward, indicating that the selling activity slightly heavily the buying activity while moving towards severely undervalued dynamics. However, the RSI has crossed the devaluation threshold and will possibly cause a reversal movement soon.
Binance Coin price analysis for 24-hours: BNB market opens
The Binance Coin price analysis has entered a bearish movement in the last few days. Moreover, as the volatility increases, the value of the cryptocurrency moves with a volatile change; the price is becoming more susceptible to variable change in this instance. As a result, the upper limit of the Bollinger’s band rests at $425, serving as the most substantial resistance for BNB. Contrariwise, the lower limit of the Bollinger’s band rests at $360, serving as another resistance point for BNB.
The BNB/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. On the other hand, the market can be seen as broken by the price, which means the breakout has been initiated, and a reversal is imminent.
The Relative Strength Index (RSI) score appears to be 36, showing the cryptocurrency’s stable value. It falls in the undervalued region. However, the RSI score follows a downward movement signifying negative market and bearish dynamics. In addition, the declining RSI score indicates selling activity superior to buying activity.
Binance Coin Price Analysis Conclusion
The Binance Coin price analysis shows bearish momentum with strong possibilities of an overall reversal movement in the coming days. The bears have captured the market. If the bulls fail to strike back soon, the bears will engulf the market for the long term. However, since the bears show massive potential, they can have a chance to consume the market entirely, however, if the price breaks the support. Then, the market dynamics will be shifted in the bulls’ favor.
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Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2022-05-08/