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Although the Binance coin may seem to be performing on a side-way market trend, yet, by the observation from the trend line, the price is falling slightly. Earlier this month the coin broke the support level of $380 and then rallied back towards $400. Then after this it broke the resistance of $400, it then fell to $358.18. At this point, the price may rise again thereby confirming a ranging market movement.
Looking at a long-term chart, we can observe that the price is almost like ranging sideways. The slight down-trend might be an opportunity for investors to enter the market, because BNBUSD has the potential of rising in value as a favourable market news can motivate its rise.
RSI: The Relative strength index shows price hovering around the 30% region, that is the overbought region. A brief rebound of the bearish price action to a bullish price action is likely to take place if the curve break below 30%. Although the market is below 50% indicating a general or strong down-trend as most of the price activities in the RSI readings are below 50%.
MACD: By the readings of the moving Average convergence and divergence, the faster line is heading up towards the slower line. If the faster line cross the slower line, the trend may change. But as it appears now on the chart, the faster line is not yet close enough to cross the slower line.
Prediction for the Price of BNBUSD
The bulls have to defend the $358.18 support level to keep it from falling further. By the readings of the indicators, the price may be heading for a short term bullish action rebounding to $380.
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