Binance Coin price analysis is bearish today as the cryptocurrency tries to break below a key level of support near $360. However, the bears have so far been unable to push prices lower and Binance Coin is currently trading rangebound between $343 and $462.
The cryptocurrency market is in a state of flux at the moment with most major cryptocurrencies seeing significant volatility. Binance Coin is no different and the cryptocurrency has seen its price fluctuate wildly over the past few days.
XRP/USD 4-hour chart: Recent price developments
Binance Coin price analysis started today off on a bearish note as it tried to break below the $340 support level. However, the bears were unable to gain any traction and Binance Coin’s price soon bounced back up.
The bears have been trying to push Binance Coin lower today but have so far been unsuccessful in their efforts. The next level of support below the current one is located at $330 and if the bears can push prices below here, we could see Binance Coin head towards the $325 level.
On the other hand, if the bulls can defend the $343 support level, we could see Binance Coin make another attempt at breaking above the $425 resistance level. Above this, resistance lies at $462 and $500.
BNB/USD 4-hour price chart source: TradingView
The MACD indicator is currently in bearish territory and is signaling that the bulls are losing momentum. The RSI indicator is also in bearish territory but is nearing the oversold levels, which could mean that the bears are exhausted.
Binance Coin price analysis for 24-hours: Bearish dominates the market?
Binance coin price analysis on daily chart looks at the intraday BNB/USDT charts and identifies key support and resistance levels. The 24-hour Binance coin price chart looks bearish as the cryptocurrency tries to break below the $340 level.
BNB/USD 1-day price chart source: TradingView
The Bollinger Bands on the 1-day chart have tightened significantly, which could mean that we are about to see a breakout in either direction. The MACD indicator is currently in bearish territory but is starting to flatten out, which could mean that the selling pressure is starting to ease.
The RSI indicator is also in bearish territory and is currently at 42. This level has been considered oversold in the past and if the RSI can break above here, we could see Binance Coin make a move higher.
Binance Coin Price Analysis Conclusion
The Binance Coin price analysis is bearish as the cryptocurrency tries to break below a key level of support near $340. However, the bears have so far been unable to push prices lower and Binance Coin is currently trading rangebound between $343 and $462.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Source: https://www.cryptopolitan.com/binance-coin-price-analysis-2022-05-09/