The most recent Binance Coin price analysis reveals that the price has experienced a new upswing since the green candlesticks have returned to the candlestick chart. In the previous week, the price fell steadily as a downturn reached its height. However, the positive trend has returned today, and the price has been able to re-establish itself at $311.5. In addition, there is also a likelihood that the trend will reverse before the current trading session finishes because selling pressure has also resumed.
BNB/USD 1-day price chart: After a bullish return, BNB finds recovery at $309.
The one-day Binance Coin price analysis indicates a price increase as a result of the bulls’ success in recovering. The price of XMR/USD has recently increased, and is currently at a level of $311.5. The bullish momentum is now resurgent after the bears had been in charge of the market for the previous week and the preceding two days as well. On the one-day price chart, the moving average indicator (MA) is showing a value of $312.7.
A crossover between SMA 20 and SMA 50 resulted in the past few days, because of the downward trend which was a bearish indication. The upper Bollinger band is present at the $334 mark representing the resistance, whereas the lower Bollinger band is present at $302 mark representing the support for BNB. The Relative Strength Index (RSI) indicator is declaring an increase in the score up to 47 hinting at comparatively more buying activity.
Binance Coin price analysis: Recent developments and further technical indications
The four-hour Binance Coin price analysis confirms that a bullish trend has been reinstated today. however, selling pressure has also disturbed the market again. Selling activity has been seen during the last four hours which seems to be gaining momentum. The trending line was moving ascendingly as the price has been rising constantly for the past few hours but now the market conditions are changing as the price just recently hit $311.5 low. Moving on, the moving average value in the four hour price chart is standing at $311.5 as well.
The Bollinger bands indicator is dictating an average of $312.10. Whereas its upper value is resting at $314.2 position and the lower value is at $310 position. The RSI score has plumented to index 46 level as well because of the persistent damage in BNB/USD price value.
Binance Coin price analysis: conclusion
The one-day and four hour Binance Coin price analysis is showing mixed signs as the price heightened up to $312.7 but the again decreased to $311.5 in the last 24 hours. The price underwent a constant decline in the previous weeks also, it can be anticipated that the price may go further down if the selling pressure gains traction.
Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2023-04-08/