The price of Binance Coin (BNB) has struggled to break above $337 against Tether (USDT) after being rejected from that region.
Binance Coin price in the past few weeks outperformed the price of Bitcoin (BTC) but has not been able to match the strength it has shown earlier to break above this resistance and trend higher.
Binance Coin (BNB) Price Analysis On The Weekly Chart
From the chart, the price of BNB saw a weekly low of $209, which bounced from that area and rallied to a price of $337 after showing great recovery signs in recent weeks.
BNB’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish for the price of BNB as it continued to decline in price to a region of $303 after facing rejection from the $337 mark.
The price has struggled to build more momentum as it tries to hold key support.
If the price of BNB on the weekly chart continues with this structure, it could quickly revisit $290 acting as a support for the price of BNB.
Weekly resistance for the price of BNB – $337.
Weekly support for the price of BNB – $290.
Price Analysis Of BNB On The Daily (1D) Chart
The price of BNB found strong support at $280 above a trendline after successfully forming a bullish structure, the support at $280 seems to be an area of interest on the daily chart.
BNB bounced from its support and rallied to $337 where it was faced with resistance and was rejected from that region.
The price of BNB has continued to be above a trendline acting as support after being rejected from the $337 mark.
At the point of writing, the price of BNB is at $303, above the 50 Exponential Moving Average (EMA) which corresponds to $290.
BNB needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of BNB to $240.
The Relative Strength Index (RSI) for the price of BNB on the daily chart is above 50.
Daily (1D) resistance for BNB price – $337.
Daily (1D) support for BNB price – $290.
Price Analysis OF BNB On The Four-Hourly (4H) Chart
The price of BNB continues to look bullish and holds above the 200 EMA price corresponding to $295 after breaking below the 50 EMA.
On the 4H timeframe, the 200 EMA is acting as a support for the price of BNB.
If BNB fails to hold the support region we could see the price retesting the region of $250 as the next support area to hold the BNB price.
Four-Hourly (4H) resistance for BNB price – $337.
Four-Hourly (4H) support for BNB price – $290.
Featured image from zipmex, Charts from TradingView.com
