Binance Coin price analysis: BNB struggles at $244, where is the asset headed next?

TL;DR Breakdown

• Binance Coin price analysis suggests a downward movement to $230
• The closest support level lies at $240.00
• BNB faces resistance at the $250.00 mark

The Binance Coin price analysis shows that the BNB price action has failed to make a breakout in either direction and the consolidation continues. 

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements with low volatility. Major players include HBAR and RUNE, recording a 5.37 percent and a 3.01 percent decline, respectively. 

Binance Coin price analysis: BNB struggles around $244.00

The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows very low bearish momentum as observed in the low depth of the histogram. On the other hand, the indicator’s lighter shade suggests that the bearish momentum is decreasing across the timeframe as the price continues its consolidation around the $244.00 mark.

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. Moreover, the two EMAs are moving close together showing little to no momentum on either side of the market. At the same time the two converging EMAs suggest a lack of network activity across the market. 

The RSI has been trading in the neutral region for the last 12 days as the price action observed low volatility across the timeframe. Now, the index is trading at the 45.56 unit level with a horizontal slope. The indicator does not issue a signal at the moment while the low slope suggests low pressure from either side.

The Bollinger Bands have been narrow for the past seven days as the price action observes low volatility and continues to trade near the $244.00 mark. At press time, the indicator’s bottom line provides support at $242.30 while the upper limit presents a resistance level at the $247.20 mark.

Technical analyses for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a sell signal, with 15 of the 26 major technical indicators supporting the bears. On the other hand, one of the indicators supports the bulls showing little to no presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market. 

The 24-hour Binance Coin price analysis shares this sentiment and also issues a sell signal with 15 indicators suggesting a downward movement against only one of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while low buying pressure exists for the asset across the same timeframe. Meanwhile, ten 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 falling to the $220.00 mark. The price swiftly recovered to the $250.00 mark but failed to climb any higher. Since then, the price has been trading around the $244.00 mark with little movement below or above the level as neither the bulls nor the bears could gain market dominance.

Traders should expect BNB to move sideways at the current price level before making a bearish breakdown from the level. The mid-term technical analyses support the decision and suggest a drop to the $230.00 support level with stronger support lying at the $220.00 mark.