Binance Coin price analysis has turned bearish once again, after showing some positive momentum to push price up to $282.6 yesterday. BNB price failed to consolidate on the positive momentum from then and dropped down to $273.7 today, before rising up to $276 at the time of writing. BNB has been subject to significant decline since November 6, at a high of $360.2, and price has declined more than 23 percent since then. Over the next 24 hours, if bearish action is to continue and price fails to manoeuvre above the 9 and 21-day moving averages, Binance Coin could move down to test support at $250.
The larger cryptocurrency market showed mixed outcomes over the past 24 hours, as Bitcoin kept in touch with the $17,000 mark with a 2 percent increment, while Ethereum stayed above $1,200. Among leading Altcoins, Ripple rose 3 percent to move up to $0.38, whereas Cardano jumped up to $0.33 with a 2 percent rise. Meanwhile, Dogecoin consolidated up to $0.086 with a minor increment and Solana moved above the $14 mark with a 2 percent rise.
Binance Coin price analysis: BNB fails to break up to crucial moving averages on daily chart
On the 24-hour candlestick chart for Binance Coin price analysis, price can be seen following yesterday’s positive move upward with another turn downwards. Amidst a descending triangle pattern appearing on the daily chart, BNB price is set to move further south after failing to breach the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $291. In a scenario where buyers could help price upwards at the current trend, resistance is likely to be met at $330. For that to happen, the $275 mark will need to be held to commence an upward movement.
Among other technical indicators, the 24-hour relative strength index (RSI) shows it could still put pressure on the bulls by crossing below the 60-level. The RSI currently sits at 42.30. The moving average convergence divergence (MACD) curve also continues to present a bearish divergence which can only be corrected once bulls halt the expected downward trend towards $250 support.
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