Binance Coin price analysis: BNB/USD dips to $232 before bouncing back to $289. What’s next?

Binance Coin price analysis has been noticeably bearish today in line with the rest of the market’s sentiments. It is currently closing at $289.7 and reached a low of $232.8, setting a new local support level on the daily chart.

Crypto heat map
Cryptocurrency heat map by Coin360

The crypto heat map shows us the overall sentiment in the market. Bitcoin, which is the major driver of the crypto market is down by 1.39 percent as of yet while Ethereum marked a decrease of 3.19 percent. We can see that the other altcoins are also following a similar pattern and marking noticeable decline.

But what does this mean for our Binance coin price analysis today? Well, let us take a look at the daily chart.

1-day Binance Coin price analysis
Binance Coin Price Chart by TradingView

On the daily Binance Coin price analysis, we can see a steep candle-wick forming at the end of the day today. RSI is touching 40 after a swift decline, suggesting that the market lost significant momentum today. Similarly, the MACD indicator also gives negative indications today.

Binance Coin 24-hour price movement

Exactly 24 hours ago, Binance Coin closed at $314.8 and the current price is $289.7, which suggests a high amount of decline. However, it was a lot more shocking for the investors to see the price going straight from $286 to $232 at 17:00 (UTC) today. This is where the coin set a new support level and bounced back up. However, it is yet to recover back into the $300 – $320 zone.

 4-hour Binance Coin price analysis: Is this the start of a downtrend?

4-hour Binance Coin price analysis
Binance Coin Price Chart by TradingView

RSI on the 4-hour Binance Coin price analysis is lower than 30, hence the market is significantly oversold at this point. Furthermore, Binance coin is yet to set a new resistance level. Before that happens, it would not be wise to invest because the market can propel forward in either direction.

Since the MACD analysis also showing that the bulls are highly exhausted right now, we may not see major recovery in the next few hours. Binance Coin is expected to hover between the $280 and $300 range for now.

Binance Coin price analysis: Conclusion

This may not be a good time to buy Binance coin based on our Binance coin price analysis. The market is very uncertain right now and the bulls seem to be quite exhausted. There is no indication of an upcoming recovery in the next few hours. To know the long-term price movement, check out our Binance Coin price prediction.