Binance price analysis: BNB bulls trapped after seeing bullish indication last night

  • Binance (BNB) coin again turned bearish near the moving line of the MA ADX indicator and down by 6.5% this week.
  • Last night, the BNB price formed a Dragonfly Doji candle, but it looks like a trap as BNB fell again in the intraday trading session.
  • The RSI indicator is looking sideways above the oversold area on the daily price scale.

Binance (BNB) coin was in recovery mode before receiving rejection near the most recent bullish hurdle near $250. Thus the price action shows the bearish trend for the short term view but the plus point price is still above the previous swing low.

Binance Coin continues to form 7 bearish candles in terms of the daily price scale. Meanwhile, last night, the BNB price candle formed a Dragonfly Doji candle, but it looks like a bear trap as BNB fell again in the intraday trading session.

Binance Coin is down 6.5% this week, while the coin is trading at the $218 mark at the time of writing against the USDT pair.

Last evening, the bulls barely managed to reverse the ongoing bearish trend, but the bears again caught hold of the BNB coin and continued to deny for higher stability.

Despite the downtrend, BNB Coin’s market cap manages to rise by 4.8% over the past 24 hours to over $35.6 billion. Similarly, the price of BNB pair with BNB is same as USDT pair while trading at 0.01139 satoshis.


Bears have placed their sell order near the red moving line of the MA ADX indicator on the daily price scale. The biggest challenge for the bulls is how they deal with this bearish hurdle.

BNB price is just below the resistance level 

Buyers are under selling pressure since the beginning of April, as per the RSI indicator. The RSI peak received several rejections near the semi-line (50-mark). Now the following indicator shows a sideways trend for Binance coin.

BNB price traded near the mid-band of the Bollinger Bands indicator, which is a short-term resistance area.

Furthermore, the ADX moved lower at 36-points, which suggests a consolidation in the bearish trend of Binance Coin.

conclusion

Binance (BNB) may continue to decline in price if the price of Bitcoin is not able to cross $20K by the end of this week. In the coming week, buyers may see a blockage in the gains.

Support level – 200 and $180

Resistance level – $250 and $300

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.