Binance Coin (BNB) is currently facing a critical resistance band that will dictate its short-term direction today. According to analysts, if the altcoin fails to break through the strong overhead resistance, a short-term correction to the $860 region could be expected in the coming days.
At the time of writing, BNB is trading at $891.4, with a 24-hour trading volume of $1.43 billion, according to CoinMarketCap. The cryptocurrency’s total market capitalization stands at $121.40 billion, reflecting a slight 0.13% increase over the last 24 hours. Market participants are monitoring support and resistance levels closely to gauge the next potential move.
Analysts are also pointing to a major resistance level that might have a major effect on BNB’s price action. As reported by More Crypto Online, “the B wave’s resistance is between $898 and $937, so BNB might face a test before resuming its bullish run in B.”
In addition to this, another analyst, GainMuse, has noted that the Binance coin may face another drop in the future unless it can clear the significant overhead levels. This indicates the importance of the buyers’ control in the market.
From a technical point of view, BNB is encountering resistance in the range of $900 to $920. If the asset does not break through this barrier, then another level that investors have set as an objective for BNB to decline to is at $860. This is an important trading period for the asset as it will be determined whether it will continue to go higher or decline further.
Overall, the price of Binance Coin is currently at a critical juncture, and its short-term price action is likely to be influenced by its ability to rise above the resistance and sustain its price above that threshold.
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BNB’s weekly RSI is currently trading at 49.61, just below its signal line of 51.90. The price is trading near $889.83, below the 20-week SMA of $976.17. The latter is currently the immediate level of resistance. However, the price is trading above the 50-week SMA of $799.47, 100-week SMA of $697.27, and 200-week SMA of $490.59.
The MACD line currently stands at 15.37, which is lower than the signal line at 35.14. The histogram is also negative at -19.77. These indicators suggest that the bears are currently in control. Unless the MACD indicator starts rising, BNB can only move sideways with minimal upside.
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