Binance Coin’s (BNB) price has been struggling to rise above $337 against USDT (Tether) since it was rejected from the region.
The Binance Coin’s price has outperformed Bitcoin’s (BTC), but it is not able match its strength to surpass this resistance, and move higher.
Weekly Chart: Binance Coin (BNB), Price Analysis
According to the chart, BNB prices fell by $209 per week. However, they rebounded and rose to $337 in the last weeks, showing strong signs of recovery.
BNB’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish for the price of BNB as it continued to decline in price to a region of $303 after facing rejection from the $337 mark.
As it attempts to maintain key support, the price has had difficulty gaining more momentum.
If the price of BNB on the weekly chart continues with this structure, it could quickly revisit $290 acting as a support for the price of BNB.
Weekly resistance for the price of BNB – $337.
Weekly support for the price of BNB – $290.
BNB Price Analysis On The Daily (1D), Chart
BNB saw strong support at $280. This was after it had formed a bullish pattern. The support at $280 is an area of potential interest.
BNB pulled back from support and rallied until it reached $337, where it faced resistance.
After being rejected at the $337 mark, BNB’s price has remained above a trendline that acts as support.
BNB’s current price is $303, higher than the 50 Exponential Movement Average (EMA), which equals $290.
BNB should maintain a support level above that which corresponds to 50 EMA. Any break from this region can send BNB prices to $240.
Relative Strength Index for BNB prices on the daily chart is over 50.
Daily (1D) resistance for BNB price – $337.
Daily (1D) support for BNB price – $290.
Prices Analysis of BNB on the Four-Hourly Chart (4H)
BNB’s price continues to be bullish. It is currently above 200 EMA, which corresponds to $295. After breaking below 50 EMA, it has held steady.
The support price for BNB is being provided by the 200 EMA in the fourth hour.
We could see BNB price testing the $250 region if they fail to maintain the support zone.
Four-Hourly (4H) resistance for BNB price – $337.
Four-Hourly (4H) support for BNB price – $290.
Featured image taken from zimex. Charts from TradingView.com