Binance coin price prediction

The daily as well as hourly Binance Coin price analysis for July 7, 2024, indicates signs of a growing bearish trend. The bears have been persistently ruling the market for the past two weeks, considering the aggravating selling activity. The selling pressure remained quite intense this week as well, as the cryptocurrency value faced substantial losses. Overall, the coin value has dropped to a high of $494.5 following the massive downturn in price during the day. The volatility is on the rise for now, which is yet again another bearish hint for the approaching days. The upper band of the Bollinger bands indicator has thus shifted to $625.4, confirming the high resistance level. Whereupon, the lower extreme of the Bollinger bands indicator is now occupying $504.1, indicating unstable support. The Relative Strength Index (RSI) indicator confirms the declining price movement as it confirms the recent changes in market events. Its value has descended to index 31.47 following the massive downturn in price during the day.

The hourly Binance Coin price analysis predicts a highly bearish scenario for the cryptocurrency. The selling momentum has been intensifying since the earlier hours of the day. The red candlesticks remained visible in the last four hours as well, as the selling pressure is undergoing a constant rise. The BNB/USD value has collapsed to $494.5 considering the intensifying bearish activity. Similarly, if we discuss the moving average indicator, then it dictates a decline in its overall value. Currently, its value is standing at $511.4 because of the persistent downside since the early part of the day.

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