Binance Coin Price Analysis: BNB Coin Price Wobbling Between The $330 Resistance And 200 EMA

  • BNB coin price recovery halts near the $330 resistance
  • The BNB/BTC pair was trading at 0.009932 BTC with a gain of 6.45%
  • The 24 hr trading volume in BNB is $2.35 Billion.
Source- BNB/USD on Tradingview

The BNB coin price showed a remarkable $45% price recovery after the bloodbath in the June months. Moving higher, the coin is currently facing strong resistance from the $330 level. On 8 July, the BNB coin showed an evening star candle pattern, suggesting a reversal from this level. However, the 0.789 and 200 EMA thought otherwise and stopped the price from moving lower. Thus, this results in price resonating between these two crucial levels and traders should wait patiently until price breaks out from either of them.

Concerning the EMA’s, the 200 EMA prevents the BNB coin from continuing its downtrend by acting as a crucial support level for the range mentioned above. As for the 50 and 100 EMA, both are moving above the price and should serve as a good resistance level.

The RSI (SLIGHTLY BEARISH) current value is 47, indicating a neutral to slightly bearish momentum in the market. In addition, investors can see the RSI line is struggling to cross the neutral zone(50), just like the price struggles at the $330 resistance level, a breakout of both the price and RSI from their overhead resistance should provide a strong bullish opportunity for BNB traders.

The Breakdown From The Ascending Trendline Was Not Even To Defeat The BNB Bulls

Source- BNB/USD on Tradingview

The BNB coin price showed a short rally supported by an ascending trendline in the 4hr time frame. The trendline was highly reliable and provided multiple support to the price; therefore, when the price gave a breakout from this line, it showcased a great short opportunity for BNB trades. However, the price failed to fall beyond the $290 support and bounced towards the overhead resistance, trapping the short traders of the coin.

The MACD indicator gave a buy signal after the bullish crossover of the MACD and the signal; however, the histogram shows a faded red candle because of the bearish engulfing candle in the price, suggesting weakness in the bullish momentum.

Conclusion: From the technical perspective, the BNB coin price is currently in a small accumulation phase, and this range will be clear if the bears will continue with their dominance or the bulls will have a chance to start a new rally. Anyhow, this will provide an excellent opportunity for BNB traders when it gives a breakout from either of the crucial levels to book good profits.

Support: $290

Resistance: $330

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