CryptoSignals News
Join our Telegram

BNB (BNB/USDT) Shows Signs of Bearish Consolidation Below Key Resistance

Estimated Reading Time: 3 minutes

Article Rating:
Based on 1 vote
Login to rate this article.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

BNB (BNB/USDT) Shows Signs of Bearish Consolidation Below Key Resistance

The market for BNB against Tether over the last 24 hours has extended slightly to the south; the coin has experienced a 6.3% decline in the last seven days. As it stands, the pair seems to be facing significant selling pressure amid a technical breakout and the demand for larger market capitalization.

Recently, BNB appears to be seeing improvement to the north after operating around $920, as the Bollinger Bands and Stochastic RSI suggest there might be an impending move to the north.

Currently, BNB trades at $932.71, recording 0.91% gains in the recent session.

BNB (BNB/USDT) Shows Signs of Bearish Consolidation Below Key Resistance
BNBUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $945, $1,100, and $1,200

Major Support Levels: $915, $900, and $864

Technical Analysis

On the daily timeframe, BNB against Tether is consolidating, moving on a straight line. However, the price appears to have found good support at the current level, as the Bollinger Bands seem to be expanding. This indicates that with the participation of more bullish traders, a move above the dynamic line may be seen soon.

From another angle, the Stochastic RSI beneath the chart shows that in the previous session, the pair has lost a lot of momentum due to increased sell pressure, but it appears the lines are moving to the north from the oversold region, suggesting an upside move might be seen soon.

To this end, it appears the Stochastic RSI points to an improvement to the north, but, considering the curvature of the bands to the south, a move above $990 or below $915 will determine the next direction.


Meanwhile, @ImZiaulHaque is feeling rather skeptical about the current BNB price action. However, the analyst suggests a move above $1,000 may be the next direction.

BNB/USDT Analysis: Are the Bulls Gaining Control? 

On the 4-hour chart, BNB/USDT appears to be facing exhausted bullish momentum; the price seems to be operating above the 20-period dynamic line within a contracting band and an overbought momentum oscillator. This suggests the tide is about to change as immediate resistance appears around $945.

To this end, BNB may experience another round of bearish waves, as the indicators on the chart point to an impending downward move.

BNB (BNB/USDT) Shows Signs of Bearish Consolidation Below Key Resistance
BNBUSDT-4H Chart

 

You can purchase crypto coins here. Buy Crypto

Recent News

March 25, 2023

Quant Price Prediction: QNT/USD Consolidates to Move Higher

Quant Price Prediction – March 25 The Quant price prediction shows that QNT is facing moderate volatility before heading toward the upper boundary of the channel. QNT/USD Long-term Trend: Ranging (1D Chart) Key Levels: Resistance levels: $145, $155, $165 Support levels: $100, $90, $80 QNT/USD is tr...
Read More
August 19, 2024

Internet Computer (ICP/USD) Market Signals Bearish Continuation

Internet Computer Price Prediction – August 18 The ICPUSD market signals a bearish continuation with a potential breakdown from the triangle pattern. Should a retracement to the upside emerge, it probably won’t last beyond the $10.000 psychological level. The Simple Moving Average (SMA) for 9...
Read More
March 03, 2025

BNB (BNB/USDT) Faces Strong Sell-off; Struggles to Break Above $602

BNB Long-term Analysis: Ranging On a weekly timeframe, BNB against the Tether has experienced a bullish rally in the previous months, after which the price faced rejection around the $640 upper limit. This suggests the price is currently in a pullback as the pair struggles to hold at a value above ...
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram