TL; DR faultBNB is expected to continue to decline Price expected to test support of $280 The $300 mark is now a resistance levelAccording to the analysis of the price of Coin An Coin, the token continued to decline after falling 5% yesterday and breaking the $300 mark. BNB closed below $290 and is expected to further decline to the support level of $280
TL; DR fault
BNB is expected to continue to decline
Price expected to test support of $280
The $300 mark is now a resistance level
According to the analysis of the price of Coin An Coin, the token continued to decline after falling 5% yesterday and breaking the $300 mark. BNB closed below $290 and is expected to further decline to the support level of $280. Since March 2nd, prices have fallen by nearly 10%, and since their high of $329 in February, they have fallen by more than 13%. Now, the $300 level is the resistance level of the current trend, and bulls will hope to quickly return to that level. BNB continues to rank fourth in the crypto market with a market value of $45838322792.
The larger cryptocurrency markets mostly maintained yesterday's prices, with Bitcoin closing at $22400 and Ethereum closing at around $1500. Among the leading counterfeit currencies, Ripple fell 2% to $0.36, while Cardano rose slightly to $0.33. Meanwhile, Dogcoin and Polkadot increased by 1% to $0.07 and $6.35 respectively.
Price analysis of Coin An Coin: RSI fell to the oversold zone on the daily chart
On the 24-hour candlestick chart of BinanceCoin price analysis, it can be seen that the price has formed a downward triangle pattern since the current downward trend began on February 27th, with a price of $307. Since then, BNB has hit a low of $286 and started to bearish. The price is still below the 9 day and 21 day moving averages, as well as the key 50 day index moving average (EMA) of $295.5. The trading volume has surged by 20% in the past 24 hours, indicating that BNB's main behavior in the market is selling.
The 24-hour Relative strength index (RSI) fell to the lowest point of 37.39 in more than a month, entering an oversold area. A lower RSI indicates a lower market valuation for BNB, which may be seen as a sign of an upcoming bull market. However, the recent outlook remains bearish, with the Moving Average Convergence Divergence (MACD) curve indicating a bearish divergence and the signal line remaining below the trend line.
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