Binance Coin price analysis: BNB keeps $330 resistance in sight despite drop
Binance Coin price analysis shows price remains level to target the $330 resistance point, despite today’s minor downtrend to the $310 mark. BNB faced rejection around the $330 mark on February 16, after developing a positive upturn to get to that point. Since the rejection, Binance Coin has traded largely around the $309 mark, with today’s price action being around this point after price declined from $318. Binance Coin remains in pursuit of the $330 resistance, and any movement below the $300 support would invalidate the bullish thesis.
The larger cryptocurrency market largely remained at yesterday’s prices, as Bitcoin dropped to $24,300 with a minor decline, as Ethereum stayed at the $1,600 mark. Among leading Altcoins, Ripple dropped to $0.38, whereas Cardano dropped to $0.39 and Dogecoin faced a 2 percent downtrend to move to $0.08. Meanwhile, Polkadot increased 3 percent to move up to $7.43, and Solana 4 percent to $24.51.
Binance Coin price analysis: 24-hour RSI levels with signal line on daily chart
On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen forming almost a horizontal trend since being rejected around the $330 resistance. Having traded largely around the $310 mark, BNB price finds itself around that point, despite promising technical indicators. Price currently remains above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $311.5.
The 24-hour Relative Strength Index (RSI) can be seen forming a slight uptrend over the past 24-48 hours, since declining down to 42.47 within the oversold region. As the RSI denotes positive market interest for BNB, price could be expected to target the $330 resistance over the current trend. The moving average convergence divergence (MACD) curve also shows a bullish divergence in place, however, any movement below the $300 support zone would invalidate the bullish thesis.
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