Binance coin price analysis shows a significant bearish bias in today’s session. The price after strong upside momentum came to halt on August 8. The formation of consecutive Doji candlesticks near the resistance level indicates the bullish momentum is slowing down.
The broader cryptocurrency market observed a sideways to bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. BTC declined 0.97%, and ETH was down 1.57%.
- BNB price edges lower on Tuesday amid broader bearish market sentiment.
- A probable bearish evening star pattern indicates impending downside momentum.
- The price trades in a short-term trading range of $296-$330.
BNB Coin price looks bearish
On the daily chart, the BNB coin price analysis implies a bearish side. The ascending trend line from the lows of $189.43 acted as support for the bulls. A double top-formation near $337 pauses the gains and looks for the sign of reversal. Sustained selling pressure could drag the price lower.
On the moving downside, the BNB sellers would first target the 21-day exponential moving average (EMA) at $305. Next, the market participant could meet the low of August 3 at $278.47.
The RSI is trading at 60. When the relative strength index is above 70, indicates that a security is becoming overbought or overvalued. It may be primed for a trend reversal or corrective price pullback. Still, the market is far from overheating. Any downtick in the indicator could make more losses.
BNB is trading in a “Rising Channel” Pattern, forming higher highs and highs lows, near swing high, forming a “Rounding Top” pattern as well, which is a sign of reversal.
The nearest support of BNB is at $314, whereas The nearest resistance the price can take is at $333. There is a higher probability of the price breaking the support level on the lower side.
4-hour chart indicates consolidation
On the 4-hour chart, the price formed a “Triple Top” Pattern. A triple top formation is a bearish pattern since the pattern interrupts an uptrend and results in a trend change to the downside.
Along with this pattern, the price even formed a “Head & Shoulder” Pattern. If the price breaks the short-term support, then we can expect a good fall of up to $300.
Also read: http://Binance Upgrade To Likely Push Crypto Investments By Institutional, VIP Investors
On the other hand, a break above the $333 level could invalidate the bearish outlook. And the price can be above $360
BNB is looking mildly bearish on all time frames. Below $314 closing on the hourly time frame, we can put a trade on the sell side.
The post BNB Price Analysis: Is Correction Toward $300 Next? appeared first on CoinGape.
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