Binance Coin Price Analysis: BNB Coin Trying To Sustain Above The $470 Mark

  • The RSI indicates a slight bearish divergence with the BNB coin’s price 
  • The BNB/BTC pair was trading at 0.001013 BTC with a loss of 1.83%
  • The 24 hr trading volume in BNB is $2.89 Billion.
Source- BNB/USD on Tradingview

On 23rd August, the BNB coin price gave a decisive breakout from the $470 resistance level, offering a new opportunity for BNB traders. However, the price is still trying to hold above the broken resistance from the past three days, looking for valid support at his mark. Thus, if the price manages to sustain above the $470 mark, the BNB can grab an excellent long trade.

Concerning the EMA’s, the BNB coin is trading higher than the 20, 50, 100, and 200 EMA, indicating a bullish trend. 

The RSI (BULLISH) current value is 66, indicating a bullish momentum in the BNB coin. However, the RSI line shows a slight bearish divergence with the price action.

The BNB Crypto Chart In The 4hr Time Frame

The BNB coin has shown a remarkable rally in its technical chart, with minor retracement along its way; thus, it seems the price is ready for another pullback, which can be expected till the upcoming ascending trendline. Furthermore, the 4hr time frame also indicates a double top pattern formation with its neckline at the $470 mark. Thus, this pattern can provide a quick short entry for BNB traders.

The moving average convergence/divergence (MACD) indicator (BULLISH) shows strong selling in the coin’s price as both the MACD and the signal line are slowly charging towards the neutral zone after giving a bearish crossover. However, until these lines are above the neutral zone, the overall momentum is bullish.

Conclusion:  From a technical perspective, the BNB coin sits at a crucial support level of $470. And as mentioned above, the price is traveling in a strong uptrend, which is currently going from a pullback phase. Thus, for the BNB investors, the ascending trendline and the $437 mark will be crucial support levels to maintain the bullish trend.

Support: $470

Resistance: $533