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Home»Analysis»Will BNB Continue to Fall or Bounce Back to Create a New All-Time High?
Analysis

Will BNB Continue to Fall or Bounce Back to Create a New All-Time High?

2024-02-02No Comments3 Mins Read
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BNB, the native token of the Binance Smart Chain, saw a decline on Friday, showing a huge red candlestick after opening at around $305 and moving down towards $297.93.

This downward move started with a rejection at $312.53 on Wednesday, creating resistance at the same level. At the time of writing, the price is still showing strong signs of a downward move towards the previous support level of $300.

If this support level does not hold, the price could fall further to the next support level at $263.93. But if support holds, we may see the price bounce back and move higher to create 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 a continued downtrend for BNB

To figure out where the BNB price might go next, several indicators can be used to examine the chart;

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

BNB

SOURCE: Tradingview

We can also see that the MACD line has crossed below the signal line, indicating an ongoing bearish trend.

1 day MACD: On 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 a further downward move.

Binance Coin Price

SOURCE: Tradingview

4 hour alligator If we use the alligator indicator to look at the chart within a 4 hour time frame, we can see that the jaw, teeth and lips are all pointed down and separated from each other. This has historically been a bearish signal and indicates further downward momentum.

See also  Polygon Whales Continue Buying Spree As MATIC Picks Up Worth $90,000,000: Trader

Alligator

SOURCE: Tradingview

1 day alligator: If you also look at the alligator indicator on the daily chart, you can see that the alligator lip [green line] and the teeth [red line] show signs of cross over the jaw [blue line]which suggests a downward movement

SOURCE: Tradingview

BNB

Final thoughts

While the MACD and the 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.

In addition, false signals can occur, especially in erratic or sideways markets. So it is crucial to take the broader market context into account.

Binance Coin BNB price chart from Tradingview.com

Token price struggles to hold support at $300 | Source: BNBUSD on Tradingview.com

Featured image of Dall.E, chart from Tradingview.com

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

Source link

alltime BNB Bounce continue create Fall high
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