Bearish pressure causes BNB to decline in value to $320.26 – Cryptopolitan

The recent Binance Coin price analysis shows that the coin is in a downward trend after a period of bullish pressure that lingered around the market for a few days. The coin has been below the resistance level of $327.06, which is a clear indication that bearish pressure is getting stronger in the market today. In today’s trading session, despite the downtrend, the bulls were seen trying to show their presence in the market by pushing the coin above $322.94, but they failed to break through this level. The coin again came back to trade around the support level of $320.26 and is currently trading below $320.26 level, which may result in further losses for the coin in the near future

Binance coin price analysis on a 24-hour price chart: Bears in control as prices dip below $320.26

The 1-day Binance Coin price analysis suggests that the coin has been trading within a tight range between $314.06 and $320.26 since the beginning of this week, and it seems like it is now ready to break out of this range. The current resistance levels have been set at $327.06, with BNB/USD struggling to breach them after numerous attempts. This could be a sign that the market is not yet ready to move up, as bearish pressure has been dominant so far. 

The relative strength index (RSI) is also trading in the oversold zone, which could indicate that a bearish market may prevail in the coming days. The RSI has crossed below 60, indicating further downside pressure. The MACD indicator (blue line) is currently well below the signal line (red line), indicating that prices could continue to fall in the short term. The 50-day moving average is also hovering below the 100-day moving average, which suggests that the trend could remain bearish.

BNB/USD 4-hour price chart: Recent developments and further technical indications

Looking at the hourly Binance Coin chart, the coin is still trading in a range-bound movement with a slight bearish bias. The BNB is trading at $320.26, and if the bearish pressure continues to take over, the coin is likely to stay below $319 for some time. The 1.88 percent decline in the past 24 hours also reflects a bearish market, and if this trend continues, then we may see further losses for BNB in the coming days. 

The moving average convergence and divergence (MACD) histogram also seems to be in the bearish zone, with a red candle being formed. The 50-day moving average is also trading below the 200-day moving average, which could be a sign of further bearishness. The RSI is currently at 54.09, signaling a neutral market, which could mean that the coin might remain in a sideways trend for some time before we see any significant movement. 

Binance Coin price analysis conclusion

In conclusion, Binance coin price analysis suggests that the coin is currently trading in a range-bound movement with bearish pressure dominating the market. The current levels of support and resistance have been set at $317.34 and $327.06, respectively. It is likely that if bearish pressure continues, BNB/USD could further test the support levels and dip even lower.

Therefore, traders should be careful