BNB holds above $415 amid BTC’s retreat to $40,140
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TL;DR Breakdown
- Binance Coin price analysis shows a positive market sentiment
- BNB is facing resistance at the $420.34 level
- The key support level lies at $406.64
The Binance coin price analysis shows a positive market trend as bulls defend the key support level at $406.64.The prices have been escalating since the market found support at $406.64 and has found BNB prices trading at $418.61.The market is currently facing resistance at the $420.34 level.BNB prices have increased by 2.58 percent in the last 24 hours. The market is expected to continue its upward move as long as prices remain above the $406.64 support level.
Binance coin price analysis shows that the overall gain in BNB has been reflected in to increase in the trading volume as well. The market is expected to find support at the $420.34 level and continue its upward move. Prices may correct lower in the short-term, but the overall bias remains bullish as long as prices remain above the key support level at $406.64.
Binance coin price action on a 1-day price chart: BNB trades above $415 amid BTC’s retreat to $40,140
The Binance coin price analysis on a 1-day price chart reveals the prices have been on a steady uptrend since the market found support at $406.64.The market has seen a modest increase in buying pressure as the prices rally towards the $420.34 resistance level. The prices have been alternating between gains and losses as the market corrects from the all-time high of $426. The key support level lies at $406.64, and the market is expected to find buyers at this level.
The MACD line is currently trading above the signal line, which indicates that the market is in a bullish trend. The prices are currently trading around the SMA 20 line, which is a positive sign for the market. The RSI indicator is currently trading in the overbought region, which indicates that prices may face a correction in the short term.
Binance Coin price action on a 4-hour price chart: BNB defends key support level at $406.64
The Binance coin price analysis on a 4-hour time frame reveals that the market has been in a bullish trend and is currently facing resistance at the $420.34 level. The market has found support at the key level of $406.64 and is expected to continue its upward move.
The market may see a modest correction in prices as the RSI indicator is currently trading in the overbought region. The MACD line is currently trading above the signal line, which indicates that the market is in bullish momentum. The SMA 20 and SMA 50 lines are both trending upwards, which is a positive sign for the market.
Binance Coin price analysis conclusion
The Binance coin price analysis shows that the market is in a bullish trend as the prices find support at the key level of $406.64. The market is expected to continue its upward move as long as prices remain above this level. Prices may correct lower in the short term, but the overall bias remains bullish as long as prices remain above the $406.64 support level. However, in case the market breaks below this support level, it may find support at the $392.64 level.
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