- The price of the Binance coin is expected to rise.
- NBB meets resistance at $.
- The closest support level is $.
After finally crossing the $570.00 mark, the price of the Binance coin failed to continue its rally and has since stagnated, falling to $510.00. Although the price stands at $510.00 at press time, the downward pressure is very strong and the price could fall even lower in the near future if the sell-off continues.
The broader crypto-currency market has been bullish over the past 24 hours, with most major crypto-currencies posting gains over time. Major players are DOGE and XRP, which rose 43.86% and 16.01% respectively. Meanwhile, Bitcoin and Ethereum posted gains of 5.80% and 7.99%, respectively.
Technical indicators for NBB/USDT
As for the technical indicators, the MACD showed a bullish reversal today and has remained bullish since, as shown in the dark green histogram. Although the indicator is still just below $5.00, both EMAs are moving up. The 12-day EMA is above the 26-day EMA and continues to show divergence, indicating stronger bullish momentum at the time of writing.
The RSI is currently hovering in the neutral zone, just below the 50.00 level, and the indicator has been in the neutral zone since yesterday. Pressed by the bullish momentum of the past few hours, the indicator has been pushed into oversold territory, indicating a strong bearish reversal.
The Bollinger Bands are currently wide but showing convergence as price hovers around the $510.00 level. Currently, the price is moving back to the middle, indicating a new convergence. When the button is pressed, the indicator assumes a further decrease in the volatility of the Binance price.
Overall, the technical analysis on the 4-hour chart gives a buy signal, with 12 of the 26 major technical indicators pointing to bullish support. On the other hand, only four indicators are giving sell signals, indicating a downward correction. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The technical analysis of 24 hours shares this opinion and also gives a buy signal: 14 of the 26 indicators are bullish against only three that point to a bearish correction. Nine indicators remain neutral and give no signal at the time of writing.
What can we expect from the Binance coin price?
Traders should expect the price of the financial currency to continue its rally towards the $550.00 mark. Positive technical indicators and supportive technical analysis point to a bullish breakout from this level as price continues its advance towards the $600 level.
However, the price of the currency is facing resistance at $530.00, which is keeping the bulls from gaining ground. Still, selling pressure is relatively weak and the bulls could make an upward breakout in the coming hours.
In the event that the financial play action is rejected at this level, the price will find support at $500 and below at $480.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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