Analysis

Binance Coin price analysis: BNB returns to test $300 resistance

Binance Coin price analysis suggests an upwards movement to $310BNB faces resistance at the $300 markThe closest support level lies at $286

The Binance Coin price analysis shows that the price has found support at the $270 mark, enabling the bulls to recover to the $290 mark. The rally has bought the price back to the $300 mark, but can the bulls breakthrough?

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include DOGE and XRP, recording a 6.88 and a 4.34 percent incline, respectively.

Binance Coin price analysis: BNB returns to $300

Technical indicators for BNB/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. Moreover, the indicator shows steady bullish momentum as observed in the growing height of the histogram. Furthermore, the darker shade of the histogram suggests an increasing buying activity in the markets. 

The EMAs are currently trading above the mean position as net price movement over the last ten days is positive. Moreover, as the short-term charts observe steady bullish activity, the two EMAs are moving upwards, suggesting a lack of momentum on the bearish side. Moreover, as the two EMAs diverge further, the bullish momentum will only increase.

The RSI was trading in the neutral zone for the past 15 days since the index dropped into the oversold region on September 19 but has now risen to the overbought region following the strong bullish activity. At press time, the indicator trades at the 74.51 index unit level, moving upwards, showing buying pressure. However, the overbought position leaves little room for further upwards movement as the price approaches the $300 mark.

The Bollinger Bands were narrow as the Binance Coin price observed low volatility across the past few days but now diverges as the price breaks above the indicator’s upper limit. Currently, the bands suggest increasing price volatility across the short-term charts with support at the $286.10 level.

Technical analyses for BNB/USDT 

Overall, the 4-hour Binance Coin price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only three of the indicators support the bears showing a little to no bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Binance Coin price analysis shares this sentiment and also issues a buy signal with 14 indicators suggesting an upward movement against only two indicators suggesting a downward movement. The analysis shows the bullish dominance across the mid-term charts while showing low selling pressure for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.

What to expect from Binance Coin price analysis?

4-hour price chart by Tradingview

The Binance Coin price analysis shows that after finding support at the $270 mark, the bulls were able to initiate a rally that has carried the price to the current $290 level. While BNB is rapidly approaching the $300 mark, the bulls are yet to show any signs of exhaustion, suggesting an upwards breakout is likely/ 

Traders should expect BNB to continue moving upwards as the bulls break past the $300 resistance level.  However, the bullish rally should be expected to slow down at the level with BNB trading between the $300 and the $320 price level in the short term.

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