Binance Coin price prediction: BNB not ready to move above $530 resistance

TL;DR Breakdown

  • Binance Coin price is expected to fall towards the $450 mark
  • The closest support level lies at $500 and further below at $480
  • BNB faces resistance at the $530 mark

After finally climbing to the $580.0 mark, Binance Coin price failed to continue its bullish rally, and the price has had s steady decline ever since. While the buyers defend the price at just below $500.00, the bearish pressure prevents the price action from rising above the $530.00 mark.

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include ADA and BNB that record a 14.53 and a 7.62 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 2.75 and a 3.48 percent hike.

Technical indicators for BNB/USDT

Binance Coin price prediction: BNB not ready to move above $530 resistance 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly, and the indicator is hovering above the -8.00 mark. Across the EMAs, the 12-EMA still trades below the 26-EMA, the difference between the two is negligible, and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little below the 48.00 mark but does not issue a signal. It has been in the neutral zone for the past week. In recent hours, it has observed an upwards movement for the indicator towards the overbought region, suggesting an increasing bullish presence.

The Bollinger bands are currently wide and will expand in the future due to the presence of dark green candlesticks. The bands’ expansion suggests an increase in volatility for the BNB price, which is currently just below $520.Meanwhile, as the price is much closer to the band’s mean line rather than the lower limit hence it will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 11 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only five indicator issues a buy signal suggesting bullish momentum. Meanwhile, ten indicators sit on the fence, issuing no support for either side of the market.

The 24-hour technical analysis does not share this sentiment and issues a buy signal with 12 of the 26 indicators suggesting a bullish movement against only five indicators suggest a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.

What to expect from Binance Coin price?

Binance Coin price prediction: BNB not ready to move above $530 resistance 2
4-hour price chart by Tradingview

Traders should expect the Binance Coin price to fall to the $450.00 mark as the buyers fail to generate bullish momentum. The increasing bearish pressure has caused the price action to stagnate around the $520 mark. The negative short-term technical indicators and the analysis also affirm this suggestion.

Conversely, if the buyers defend the $500 support level, BNB would continue trading in this price range for the next few days as either side struggles for dominance.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/binance-coin-price-prediction-2021-04-24/

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