- The BNB coin price is trading at the demand zone on a daily time frame after it fell from the supply zone.
- The BNB coin price is forming a falling wedge pattern on a daily time frame.
- The pair of BNB/BTC is trading at the price level of 0.014429 with a decrease of -0.29% in the past 24 hours.
The BNB coin price as per the price action is hovering at the demand zone. On a daily time frame, the coin price is consolidating near the demand zone. The BNB coin price is forming lower low and lower high formation on a daily time frame. The coin price has been in an uptrend for the past couple of weeks. The BNB coin price is now falling in a smaller time frame. The coun price recently bounced off the demand zone after facing strong bearish pressure at the supply zone. But the coin price could not sustain the gain as it started falling again. The BNB coin price is trading below the 50 and 100 Moving Averages. The recent fall in the price of BNB coin price resulted in the coin price falling below the 50 and 100 MAs. Moving toward the BNB coin price can be seen as facing strong reception from these MAs. At present, the BNB coin price is trading in the middle of the Bollinger band indicator. The range of Bollinger band indicators has become narrow. Thus indicating a massive and rapid move on either side. Investors should keep patience and wait for a clear signal. Volumes have increased as the coin price consolidates.
The BNB coin price is forming a falling wedge pattern on a daily time frame
Relative Strength Index: RSI curve is trading at the price of 41.39 as the coin bounces off the demand zone. At present, the RSI curve has fallen below the 20 SMA. The coin is forming higher low and higher high formation on a 1-hour time frame as the coin shows bullishness in the higher time frame. The BNB coin price can be seen moving if it sustains above the demand zone and if it does then the RSI curve can be seen moving even higher up supporting the trend. Once the RSI curve crosses the halfway mark of 50, the BNB coin price can be seen moving up quickly.
Moving Average Convergence Divergence: MACD indicator has given a negative crossover Wayback as the coin gave a breakdown of the demand zone on a lower time frame. The blue line crossed the orange line on the downside. This has resulted in the coin price moving down strongly in a 4-hour time frame. The fall in the BNB coin price has been strong and therefore the MACD lines were seen widening. As of now, the MACD line has neared and if the coin price breaks out of the falling wedge pattern the MACD line can be seen giving a positive crossover.
Average Directional Movement Index: ADX curve has slipped below the 25 mark as the coin price broke the demand zone. As of now, the ADX curve has turned sideways, as the BNB coin price shows some bullishness. Therefore, the BNB coin price can be seen halting on the lower time frame and changing the price structure. Once the coin bounces off the demand zone, the ADX curve can also be seen dipping out of the 25 mark.
CONCLUSION: The BNB coin price is trading at the demand zone, as per the price action. The BNB coin price is forming a bullish chart pattern on a daily time frame. If the coin price is successfully able to break out of the falling wedge pattern, it can be seen moving higher. However, investors should remain cautious and wait for a clear trend before taking any action.
SUPPORT: $254.00 and $250.00
RESISTANCE: $290.00 and $310.00