Following a bearish move, BNB slips to $312 – Cryptopolitan

As a result of the bears’ successful development of a means of retaliation following a marginally bullish price action, the Binance Coin price analysis is turning negative for the day. The price levels have fallen to $312.9 due to a bearish trend that has been significant enough. The downtrend has been reestablished following some bullish efforts seen during the day, making the last few hours rewarding for the bears. The next level of support for the BNB/USD price function is at $308, and if the support holds, traders should expect a price reversal to the upside.

BNB/USD 1-day price chart: BNB is en route to retest the $308 support

As the price levels have nearly reached $312.9, the 1-day Binance Coin price analysis chart is detecting a sharp decline in price today. Since there has been both bearish pressure and bullish control over the charts for the majority of the past week, the cryptocurrency has been somewhat volatile. Additionally, the current trend is in the bears’ favor, and it is anticipated that the negative momentum will continue to build. The moving average (MA) value of $313 has continued to be held above the price level.

On the other hand, as the Bollinger bands are stretched, the volatility is on the greater side. At the moment, the top value of the Bollinger bands is resting at $338, while the lower value is at $302, which corresponds to support and resistance, respectively. As a result of today’s selling, the Relative Strength Index (RSI) score also dropped, reaching index 48.

Binance Coin price analysis: Recent developments and further technical indications

In light of the most recent update, which indicates that the price is once again going downward, the 4-hours Binance Coin price analysis likewise foresees bearish pressure. Today’s price movement has been mixed, and even though bulls were in control of today’s market action for the majority of the day, the trend is still bearish. On the 4-hour price chart, the moving average is set at $313.4, which is above the price value, while the Bollinger bands average is set at $312.2, which is below the MA value.

The bottom Bollinger band displays the precise value of $308.6, while the upper band displays the amount of $315. The RSI score is currently at index 49, which is in the lower half of the neutral zone and in line with the short-term moving line, which favors the bears. However, the indicator’s curve has flattened, suggesting that there isn’t a lot of selling going on right now.

Binance Coin price analysis conclusion

The assessments for the 1-day and 4-hour periods for Binance Coin price analysis show that the most recent trend has been bearish, which has led to a decline in price. When compared to its position over the previous week, the price has dropped to $312.9, which is on the lower end. The BNB/USD price is unlikely to fall below the support level of $308, though, and this level of support seems strong.