Binance Coin price analysis: Can bulls overcome $420 resistance?

TL;DR Breakdown

• Binance Coin price analysis suggests sideways movement below $420
• BNB faces resistance at the $420 mark
• The closest support level lies at $400

The Binance Coin price analysis shows that the asset has recovered above the $400 mark as it observed strong buying activity over the past few days. However, BNB faces resistance at the $420.00 mark and struggles in climbing above. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include DOT and SOLrecording a 6.62 and a 5.55 percent incline respectively. 

Binance Coin price analysis: Bulls struggle to overcome $420 resistance

Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. However, the indicator shows low bullish momentum at press time as observed in the short height of the MACD. Furthermore, the lighter shade indicates that movement below $400.00 would cause a bullish crossover across the 4-hour charts.

The EMAs are currently trading high as the Binance Coin price observes net bullish activity over the past few days as the buyers pushed above the $400 mark. At press time, the 12-EMA is moving along the x-axis as BNB faces resistance near the $420.00 mark. On the other hand, the 26-EMA still moves upwards and is yet to react to the short-term consolidation. 

The RSI was trading low in the neutral zone but now hangs close to the mean position at 50.00 index units. The indicator hovers at 51.67 index units and moves upwards with a gentle slope suggesting that while the bulls are trying to fight back, strong bearish pressure still weighs on the price action, Furthermore, the indicator’s position suggests room for further upwards movement across short-term charts. 

The Bollinger Bands are currently wide but shows convergence as the price action consolidates around the $415 mark. At press time, the indicator’s mean line provides support to the bulls at the $394.50 while the upper limit presents a resistance level at $438.50 mark. The indicator suggests room for high volatility between these two key levels. 

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a buy signal with 13 of the 26 major technical analysis showing support to the bulls across the timeframe. On the other hand, only three indicators support the bears, suggesting a low bearish presence in recent hours. Meanwhile, the remaining 10 indicators sit on the fence and do not issue any signals at press time.

The 24-hour Binance Coin price analysis contradicts this sentiment and issues a selling signal with 10 major technical indicators suggesting downwards movement against only seven indicators suggesting further upwards movement. The analysis shows a shift of momentum from the bears to the bulls. At the same time, nine indicator remain neutral and do not support either side of the market. 

What to expect from the Binance Coin price analysis?

The Binance Coin price analysis shows that after finding strong bullish support at $365 on February 4, the price action observed a spike rising above the $400.00 mark. However, the price action finds resistance at the $420.00 mark. Regardless, the bullish market outlook suggests upwards movement in the short-term. 

Currently, traders should expect the Binance Coin price analysis to move below the $420 mark as the BNB price gathers bullish momentum. However, strong support level lies at $400 suggesting downwards movement is unlikely. The short-term technical analysis supports this suggestion and while the mid-term technical analyses suggests otherwise, it also shows a shift of momentum to the bulls.