- The previous day’s price of BNB dipped by 5.70% to $332.68.
- Bulls must fight to overturn the current negative trend in the BNB market.
- At $354.49, BNB confronts severe resistance.
BNB Price Analysis reveals a steady drop in the last 24 hours, with prices falling by 5.70% to $332.68 as of press time.
The price drop has been ascribed to a 6.31% drop in market capitalization to $52,845,948,972, and increasing selling pressure as 1-day trading volume surges by 30.38% to $1,454,791,231.
Keltner Channels bands are trending downwards, with the upper band touching 347.9 and the lower band touching 331.1, indicating that the BNB market is in a sustained slump.
The Stoch RSI, which currently stands at 43.15, is heading higher, indicating that an uptick is feasible as it drifts away from the oversold territory.
The blue MACD line indicates the persistence of the bearish trend, crossing below the signal line in the negative zone with a reading of -5.0. The histogram movement in the negative zone, which reads -1.1, reinforces this downward tendency.
A bearish crossover is apparent on the 1-hour price chart as the short-term Moving Average slips below the long-term Moving Average. The 5-day moving average is 331.2, while the 20-day moving average is 341.2.
The Bear Bull Power (BBP) indicates that a positive trend is feasible as it points upwards despite being in the negative quadrant with a rating of -6.1.
To counteract the current bearish trend, the bulls must continue to force higher prices and hold the barrier level.
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