Binance Coin Price Analysis: The BNB Coin Bounced Back From The 0.236 FIB Level

  • The RSI shows a slight bearish divergence concerning the BNB coin’s price 
  • The BNB/BTC pair was trading at 0.009883 BTC with a gain of 0.84%
  • The 24 hr trading volume in BNB is $2.31 Billion.

On 23rd August, The BNB coin price showcased a decisive breakout from the $470 resistance luring Crypto traders for a new opportunity in this coin. However, Struggling to sustain above this level, the price tried to drop below it, but with support of the 0.236 FIB level, the coin bulls immediately pushed it back above the $470 mark.

Concerning the EMA’s, the BNB coin is trading above the 20, 50, 100, and 200 EMA, indicating a solid bullish trend formation. Moreover, the 20 EMA is providing strong dynamic support to the coin’s price.

The RSI (BULLISH) current value is 64, indicating a bullish momentum in the BNB coin. However, the RSI line shows bearish divergence concerning the coin’s price, indicating weakness in the bullish momentum.

The BNB Coin Crypto Chart In The 4hr Time Frame

Source- BNB/USD on Tradingview

The BNB coin chart showcased intense selling pressure above the $500 mark as the price already faced four rejections from this level. Thus, any proper confirmation for the BNB coin to continue its rally is when the price gives a proper breakout from this level.

Moreover, the BNB traders can also use the traditional pivot levels in the chart, as they provide remarkable confluence with the SR levels, providing a better confirmation and an extra edge in their trading.

The moving average convergence/divergence (MACD) indicator (BULLISH) shows both the MACD and the signal line are moving above the neutral zone(0.00), indicating bullish sentiment.

Conclusion:  From a technical perspective, the overall sentiment of the BNB coin is bullish. However, as said above, the price is struggling to cross the $500 resistance, and the crypto trader can wait for the price to break out from this level to get a quick long trade till $542-$550 mark.

Support: $472

Resistance: $500-505