Binance Coin Price Analysis: Binance coin building consolidation below $365 in preparation for next rally
3 min readTable of Contents
TL;DR Breakdown
- BNB bears were unable to sustain high sell volumes
- The opening Binance coin price for today’s chart was $369
- Binance coin price crossed the middle Bollinger line on the 4-hour chart,
Binance coin price analysis: General price overview
Binance coin broke below the neckline of a head and shoulder pattern and extended a downward continuation from $368 to $363. Despite an ongoing crypto crash, BNB bears were unable to sustain high sell volumes and therefore handed control back to the bulls. However, there are slight weaknesses with a concentration of sellers near $365 and $370. The daily resistance strength index lies within the oversold conditions at 47 but points downwards, suggesting positive signs of an uptrend in the near term. If the RSI breaks below 40, it means the market will be nearing the overbought conditions, where the bulls will be able to reach and defend support at $400.
BNB’s price action stood to gain 106% by the close of April, positioning the coin at number four by monthly returns in the last one year. Around this time, the coin also posted an all-time high of $676, besides recording a 57% transparent volume across 3,361 active trading markets. The leading BNB trading pair was the USDT with a volume of $1.56 B, followed by the BUSD and BTC.
Binance coin price movement in the last 24-hours
The opening price for today’s chart was $369. Afterward, Binance coin price action went ahead to form a head and shoulder pattern, which was cut off after a bearish drop to the intraday low of $359. The daily range is narrow, with only an $18 difference between the low and the daily high of $377. Indicating relatively low volatility across Binance coin’s 24-hour trading chart. Buyers are attempting to consolidate and recover from the downtrend. The medium-term target is to flip attention back to April symmetrical triangle, whose trend line cut through $487 and the 50-day simple moving average at $429. Breaking above this moving average will steer the coin towards the next rally for another fresh ATH.
Binance coin 4-hour price chart
Binance coin price crossed the middle Bollinger line on the 4-hour chart, which is a negative signal for bearish momentum. At the time of writing, the coin is already trading at $363 and struggling to break resistance at $365, a point highly concentrated with sellers. The buyers ought to consolidate enough support to push the price above the 20-day exponential moving average at $389. There lies an overhead resistance against the EMA at $433, and if the bulls can sustain a strong uptrend – the chances of closing an ascending triangular pattern at $608 are high.
Binance coin price analysis conclusion
According to a senior commodity strategist at Bloomberg, BTC and other coins will rally to their psychological resistance and then plummet in the near term. In a post, the strategist said that BTC would rally to $40K and then decline to $20K.
