April 15, 2024
Will BNB continue to fall or bounce back to make a new all-time high?

BNB, the native token of the Binance Smart Chain, experienced a decline on Friday, showing a huge red candlestick after opening at around $305 and moving downwards towards $297.93.

The decline began with rejection at $312.53 on Wednesday, which created resistance at the same level. At the time of writing, the price is still showing strong signs of a move below its previous support level at $300.

If this support level is unable to hold, the price may continue downwards to the next support level at $263.93. But, if the support holds, we could see the price bounce back and move higher to make a new high for the year. However, the price is still above the 100-day moving average, which is usually a bullish sign for the price.

Technical indicators point to continued downside for BNB

Several indicators can be used to examine the charts to find out where the price of BNB may head next;

4-hour MACD: We can see that the histogram is below the zero line, indicating a downward trend.

Source: Tradingview

We can also see that the MACD line has moved below the signal line, pointing to a continued bearish trend.

1-day MACD: From the daily chart, we can confirm that both the MACD line and the signal line have crossed and are moving towards the zero line, while the histogram is already below the zero line, indicating further downside. Is.

binance coin price

Source: Tradingview

4-hour crocodile Using the Alligator indicator to examine the chart on the 4-hour time frame, we can see that the Jaw, Teeth, and Lips are all trending downwards and well apart from each other. This has historically been a bearish signal and indicates further declines.


Source: Tradingview

1-day crocodile: Furthermore, looking at the Alligator indicator from the daily chart shows that Alligator Lips [green line] and teeth [red line] The sign of the cross is visible above the jaw [blue line]suggesting downward movement

Source: Tradingview


final thoughts

Although MACD and Alligator are popular indicators, it should be noted that they are not infallible, and traders often combine them with other technical analysis tools to help them make better trading decisions.

Furthermore, false signals can occur, especially in irregular or sideways markets, so it is important to keep the larger market context in mind.

Binance Coin BNB Price Chart from Tradingview.com

Token price struggling to hold support at $300 Source: BNBUSD on tradingview.com

Featured image from Dall.E, chart from tradingview.com

Disclaimer: The article is provided for educational purposes only. This does not represent NewsBTC’s opinion regarding buying, selling or holding any investment and investing inherently involves risk. You are advised to do your research before taking any investment decision. Use the information provided on this website entirely at your own risk.

source: www.newsbtc.com

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