- The RSI formed a negative divergence, indicating a possible drawdown.
- If bulls defend the $300 support, BNB may hold strong and flip the $320 resistance.
- Indications from the EMA showed that BNB would keep consolidating.
After the sharp drop in price on January 2, Binance Coin (BNB) climbed back to $322. But in the last 24 hours, the coin has lost 4.34% of its value, according to CoinMarketCap.
According to the price tracking platform, BNB could be on the verge of losing its hold on the $300 region. Coin Edition looked at the 4-hour BNB/USD chart shown below and observed that the RSI had formed a negative divergence.
No Solid Signal for an Uptrend
The negative divergence the RSI formed indicated a weak momentum for the BNB price action. If buyers do not strengthen their position, the coin movement will favor the bears.
Should this happen, BNB might drop below $300. However, there is a chance for the price to rebound. This was because the RSI was close to being overbought. If buying pressure intensifies and bulls defend the $300 support, BNB might flip the $320 overhead resistance.
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