Binance Coin (BNB), which has been holding its bullish sentiment, has seen significant gains in the last weeks when it was compared to Tether. Binance Coin has been showing great strength despite the market rebound, however it lost its main support of $300.Data from Binance
Weekly Chart: Binance Coin (BNB), Price Analysis
BNB price fell to $220 per week according to chart. BNB price quickly rebounded to $330 for a weak trend.
The weekly candle for BNB closed with a bearish sentiment, and the new week’s candle appears to be even more bearish.
It has been weak in price action; however, if BNB’s weekly chart structure holds steady, BNB could test its support level of $250.
BNB’s price must trend higher by reclaiming the bullish support trendline. Bulls would prefer a close over $300.
Weekly resistance for the price of BNB – $337.
Weekly support for the price of BNB – $250.
BNB Daily Price Analysis (1D) Chart
BNB’s price has been holding high above its trendline support. This prevents the price from falling. However, bears have managed to breach the trendline resistance to $283.
BNB’s price has been trading below the trendline, which is acting as a resistance to the price of BNB. BNB’s price must rise above the $300-$320 level in order to be trending upwards.
The support level at $250 is a great area to help bulls gain strength, and prevent the sell-off.
BNB trades at $283 right now, below the 50 and 100 EMAs which corresponds to prices of $290, $280 respectively.
Relative Strength Index, (RSI), for BNB’s price, is displayed on the daily charts. This means that sell orders are indicated.
Daily (1D) resistance for BNB price – $290, $320.
Daily (1D) support for BNB price – $250.
BNB Price Analysis on the Four-Hourly Chart (4H)
BNB prices have remained stable after they were rejected at $290. This act of resistance has helped to keep them strong. BNB prices are trading at just below the 200 and 50 EMA levels. This corresponds to $295.
BNB has been holding above the $275 area, which serves as support. It will keep the price above its current support and prevent it from falling below the $250 level. If the BNB price reached $300, bulls will be happy.
Four-Hourly (4H) resistance for BNB price – $290.
Four-Hourly (4H) support for BNB price – $275-$250.
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