Binance Coin Struggles Below $290 Resistance, Where Would Price Go?

Binance Coin (BNB), which was turned into resistance by tether USDT (USDT) during a bullish pattern, is struggling to maintain support. Although the cryptocurrency market has shown a bullish structure, Binance Coin’s (BNB), price is still very quiet. The market continues to be polarized about its future direction. (Data from Binance).

Weekly Chart: Binance Coin (BNB), Token Price Analysis 

BNB Weekly Price Chart. Source: BNBUSDT on| Source: BNBUSDT On

BNB experienced a drop in price, from $650 up to about $200. Its all-time high was over $60,000. Despite having strong fundamentals, the decline is more than 60%. BNB prices rebounded from a $200 weekly low and rose to $330. This is an indication of great strength.

BNB’s price on the weekly chart showed an uptrend. It rose from its weekly lowest to $330 with bullish sentiment. The price then rallied to $330 and faced major weekly resistance.

BNB’s price failed to break above this resistance on the weekly chart as the price was rejected but continued to respect the trendline support it has built in recent weeks after creating swing highs with good buy order volume.

BNB’s price is currently $276.1, which trades a little below its trendline support. If BNB loses this trendline support, and the weekly closes below it, then we may see BNB move to $230.

For BNB’s price to maintain its bullish structure, the price of BNB needs to reclaim its trendline support and rally towards the resistance at $330, with good buy order volume for BNB.

Weekly resistance for the price of BNB – $330.

Weekly support for the price of BNB – $260.

BNB Daily Price Analysis (1D) Chart

BNBUSDT Daily Price Chart: Source:| Source: BNBUSDT On

BNB-price daily charts continue to sink as the price fell below the BNB-price symmetric triangle, which has lost its support for daily uptrends.

BNB’s price must rally in volume to maintain its bullish structure on the daily chart. There are currently more BNB sell orders.

BNB currently trades at $276.1 on a daily timeframe. The price of BNB closed below the 200 and 50 Exponential Moving Averages (EMA) which act as resistances. BNB price resistance is at the 50-200 EMA. The current price of BNB price price is $285. 

The BNB’s price could not reclaim 50 EMA, and we may see the support price retested at $260. 

BNB’s Relative Strength Index is (RSI), above 50 in the daily chart. This indicates low volume buy orders. 

Daily resistance for the BNB price – $285-$317.

Daily support for the BNB price – $260-$230.

Featured image from zipmex. Charts From Tradingview

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