Binance Coin price analysis remained bearish over the past 24 hours, just as it had been over the past week as price continued to struggle in breaking out past the $245 support mark. After dropping as low as $222 on December 17, the Ethereum-alternative token stabilised back up to $243.8 with hope to break out up to the $255 mark. However, price once again fell into a horizontal trend as it slid below the crucial moving averages on the daily chart. Price at the time of writing sits at $244.5, dropping just below 1 percent today.
The larger cryptocurrency market showed a similar horizontal trend to BNB over the past 24 hours, as Bitcoin remained around the $16,800 mark in pursuit of $17,000. Ethereum was also set at $1,200, whereas leading Altcoins also consolidated around yesterday’s figures. Ripple dropped 1 percent to $0.35, while Cardano dropped to $0.29. Meanwhile, Dogecoin made a 1 percent increment to move up to $0.07, and Polkadot dropped 0.5 percent to sit at $4.45.
Binance Coin price analysis: 24-hour RSI continues horizontally on daily chart
On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen moving into a horizontal trend just below the $245 mark. Trading Volume over the past 24 hours dropped more than 32 percent, indicating a stagnant market state for BNB. Price also fell below the 9 and 21-day moving averages over the past 24 hours, along with the crucial 50-day exponential moving average (EMA) at $251.8
The 24-hour relative strength index (RSI) can also be seen in a stagnating state in the oversold zone at the 38 mark. Meanwhile, the moving average convergence divergence (MACD) curve also depicts a bearish divergence in place below the signal line. Over the next 24 hours, price is expected to remain tight around the current price mark. A further downtrend would see BNB slide down to the $240 mark to strengthen the bearish narrative.
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Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2022-12-24/