Check out the Binance Coin (BNB) price analysis
Binance Coin saw its price trend moving mainly sideways last week, despite the correction that the altcoin market has gone through. In the past 7 days, BNB has been trading within the strong limits of its resistance and support, and a breakout to the north does not seem likely in the coming days.
At the time of this writing, BNB was trading at $ 487.1 and had a market capitalization of $ 74.8 billion, making it the third largest cryptocurrency. BNB also saw a slight price correction, reaching more than 5.6 percent on the last day and the downward trend is expected to continue.
Binance Coin 1-Day Chart
Source: BNB / USD, TradingView
According to last week’s price action, traders can expect the price to remain quite fluctuating next week. This will maintain the price movement between BNB resistance at $ 581 and support at $ 464. If that support is breached, the next level of support for BNB is at $ 306, however, such a drastic drop will not it is very likely next week.
However, given that BNB is now in a consolidation phase, it is difficult to determine whether a short or long position would be more suitable next week.
Technical indicators like the MACD indicator paint a bearish picture for the currency next week. The signal line crossed the MACD line and formed a bearish cross with signs of a rather narrow reversal in the coming week.
The RSI indicator, on the other hand, is close to the neutral zone and if it does not fall further, the BNB may see its long-range movement continue.
Binance Coin’s price has risen sharply in the past week and is likely to continue in the coming days. There is strong support that has helped the currency to recover in the past and is likely to play an important role this week. If the currency were to drop to around $ 300, intense downward pressure would be needed and such a sharp correction does not seem likely for the BNB next week.