Binance Coin (BNB) Price Analysis On The Weekly Chart
According to the chart, the price of BNB saw its weekly low at $220; the price of BNB quickly rebounded from that region to a weekly low of $330 as the price is unable to show much strength to trend higher after being rejected from $337 acting as weekly resistance.
The weekly candle for BNB closed with a bearish sentiment, and the new week’s candle appears to be even more bearish.
The price action has remained weak; if the price of BNB on the weekly chart maintains this structure, it could retest its weekly support of $250.
For the price of BNB to trend higher, it must reclaim the bullish trendline that serves as support, and a close above $300 would be favorable to bulls.
Weekly resistance for the price of BNB – $337.
Weekly support for the price of BNB – $250.
Price Analysis Of BNB On The Daily (1D) Chart
The price of BNB has found itself holding above the trendline support, preventing the price from falling; however, bears were able to break the trendline support to a region of $283.
BNB’s price has been trading below the trendline, which is acting as a resistance to the price of BNB. For the price of BNB to have a chance of trending higher, it must reclaim the $300-$320 range.
If the price of BNB fails to reclaim $300-$320, the support at $250 would be a good area for bulls to build strength and keep the price sell-off from continuing.
BNB is currently trading at $283, just below the 50 and 200 EMAs, which correspond to prices of $290 and $280, respectively.
On the daily chart, the Relative Strength Index (RSI) for the price of BNB is above 40, indicating sell orders.
Daily (1D) resistance for BNB price – $290, $320.
Daily (1D) support for BNB price – $250.
Price Analysis Of BNB On The Four-Hourly (4H) Chart
The price of BNB has remained strong after being rejected at $290, acting as resistance. The BNB price is trading just below the 50 and 200 EMA levels, which correspond to $295 and act as resistance to the BNB price.
BNB is holding well above the $275 region, which is acting as support; if the price remains above its current support, it will prevent the price from falling to the $250 region. Bulls would be relieved if the BNB price reclaimed the $300 level.
Four-Hourly (4H) resistance for BNB price – $290.
Four-Hourly (4H) support for BNB price – $275-$250.
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