Binance Coin price analysis: BNB/USD dips lower to $308 before recovering to $314
Binance Coin price analysis is bullish after recovering from a dip to $308 and finding support around this mark. After that, Binance Coin then rebounded to $319.8 before eventually finding stabilization at the current $314 pricing. But what will its condition be in a few hours? The indications are positive!
As we can see, both Ethereum and Bitcoin are marking slight increases and stay in the greens today. Most of the altcoins include Binance Coin are also in the green zone and are showing some improvement in the price.
Based on this daily Binance Coin price analysis, it seems obvious that the market is currently improving in the positive direction. Firstly, the RSI is quite balanced near 50 and is not showing any rapid movements, hence reducing chances of sudden corrections.
At the same time, the MACD indicator also shows upcoming improvement. We can expect there to be a crossover between the MACD lines, which would shift the histograms into the green zone. So, the market is certainly moving in a positive direction. However, whether Binance Coin will retest the major resistance at $327 depends on the bullish intensity.
Binance Coin 24-hour price movement
The last 24 hours have been quite interesting for Binance Coin. Earlier in the day, Binance Coin dipped to $308 in a single hour and then recovered immediately, forming a green bullish hammer candlestick. It got validated with an upwards momentum causing Binance Coin to set a local high at $319 before flaling down to the current price of $314.
4-hour Binance Coin price analysis: Binance Coin is entering a new range of $312 – $319
Based on the 4-hour chart, it looks like Binance Coin might be getting ready for a downside in the next 4 hours. However, the price movement on such short time frames is very difficult to predict and it makes more sense to consider the overall sentiments of the market.
Over the last few intervals, Binance Coin has remained bearish on the 4 hour chart. It might be entering a new range between $312 and $319, which is the more likely option. Since the coin has already faced significant support at $308, it is not likely for Binance Coin to fall that low and retest the support soon.
Binance coin price analysis: Conclusion
Overall, the market is balanced today and Binance Coin seems to be entering into a new range of $312 – $319. It may continue trading between this range for the next few hours, after which the market’s sentiment will determine the course. But for the long-term, you may want to read our detailed Binance coin price prediction.
