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Binance Coin Price Analysis- BNB price continues to Consolidate

Binance coin has entered a consolidation phase after hitting its ATH of $342.88 in Mid-February. Since then, it has been on a roller-coaster ride, reaching $200 levels in a matter of a couple of days. The currency lost about 30% as it entered March.

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The Binance coin(BNB) which fuels the Binance ecosystem, pays gas fees and can also be used to avail real-world services. Due to this wide range of applications, the investors poured in and started investing in the February Bull markets.

Binance(BNB) Coin Price Analysis

Binance coin is trading at $262.74 down by 1.39%, as per CoinMarketCap data on March 23, 2021. BNB boasts a Market capitalization of $40,622,501,690, with $2,614,108,578 volumes traded in the last 24 hours. While the trading volumes increased by 52.56% compared to the previous trading session, the price dropped slightly. 

The BNB prices have faced rejections at $290 levels and is currently in a Descending Parallel Pattern. However the $250-$260 levels have formed a good support price. 

Looking at the 30 minutes candle chart, the price has formed a Double Bottom Pattern, (W), which is a bullish indication, since the present levels have crossed the other arm, there are significant chances of a positive trend to pick up. Resistance at $260 levels were broken, making way for the Bull market.

If the BNB crosses the previous high at $276, It could hit the $300 mark easily. The sudden raise in the transaction volumes can complement this bullish momentum.

If we switch to Four-hour candle charts, the descending pattern as highlighted can be observed, and there are clear indications of the prices leaning mostly towards the upper trend-line.

The Technical indicator, RSI lies at 47, giving bulls the flexibility to buy. MACD levels are narrow with moderate to bearish levels, and a strong momentum is inevitable in the near future. Bollinger bands are at decent levels, indicating good price momentum. 

Resistance Levels: $270, $280

Support Levels: $255, $250

RSI(14): 47

MACD: Moderate to Bearish

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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