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After the correction in the altcoin industry, Binance Coin’s price trend has been mostly sideways in the last two weeks. Over the last seven days, BNB has traded within the close limits of its opposition and funding, and a north-bound breakout does not seem to be inevitable.
At the time of publishing, BNB was priced at $487.1, with a market capitalisation of $74.8 billion, making it the third-largest cryptocurrency. BNB has only seen a 5.6 percent market turnaround in the last day, and the bearishness is likely to continue.
Binance Coin 1-day chart
According to the market activity of the previous week, traders should expect the price to stay equally rangebound in the coming week. This will hold the market fluctuating between BNB’s opposition at $581 and help at $464. If this support level is broken, the next support level for BNB is all the way down at $306, but such a sharp drop is unlikely in the coming week.
However, since BNB is currently in a restructuring process, it is difficult to decide whether a short or long role will be better fit in the coming week.
The MACD indicator, among others, paints a bearish image for the coin in the coming week. The signal line has crossed the MACD line, forming a bearish crossover, with chances of a turnaround in the coming week being slim.
The RSI indicator, on the other hand, is close to neutral, and if it does not decline further, BNB’s rangebound movement will continue.
Binance Coin’s price has been mostly rangebound over the last week, and this is expected to continue in the coming days. There is solid support that has helped the coin recover in the past, and it is expected to play an important role this week. If the coin were to fall all the way to about $300, it would take extreme bearish pressure, and such a steep reversal does not seem possible for BNB in the coming week.