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  • US Federal Reserve Chairman Jerome Powell is set to deliver a speech at a town hall for educators later in the day.
  • Binance price prediction is likely to remain bullish above the 409.98 support level. 
  • Forex trading participants may look for a sell trade below the $425 level to the target of $409. 

The BNB/USD crypto pair failed to stop its previous session losing streak and remained depressed around the $410.00 level. Binance is currently trading at $417.28 and dropped by 0.92% on the day. The recent modest declines in the Binance coin appeared after Bitcoin, the world’s biggest and best-known cryptocurrency, failed to clear $48,000 and corrected lower against the US dollar. Binance price prediction is likely to remain bullish above the 409.98 support level. 

The BTC/USD is anticipated to extend its declining streak if it breaks the $45,000 support zone. Therefore, the bearish bias in BTC tends to have a negative impact on the other cryptocurrencies, including the BNB coin. Moreover, the declines in the BNB coin were further bolstered following the US dollar maintained its bullish bias. 

The US dollar also benefited from reviving safe-haven demand. The previously released disappointing economic data from China, the continuous spread of COVID-19’s Delta variant, and political tension in Afghanistan gave the safe-haven US currency a boost.

Recent Surge in Crypto Indruty Underpin BNB/USD

Following a strong surge over the weekend, major cryptocurrencies continued to rise on Monday. In certain currencies, though, investors took profits off the table. Seven of the top ten cryptocurrencies were trading higher, topped by Dogecoin, which rose as much as 13%. The worldwide crypto market cap surpassed $2 trillion, and the entire crypto market volume increased by nearly 2% to $113.61 billion.

On the USD front, the broad-based US dollar extended its early-day bullish bias. It remained well bid on the day as downbeat economic data from China, the continuous spread of COVID-19’s Delta variant, and political tension in Afghanistan put pressure on the market trading sentiment. All the fundamentals gave the safe-haven US currency a boost. 

Moving on, US Federal Reserve Chairman Jerome Powell is set to deliver a speech at a town hall for educators later in the day. However, he is not expected to discuss monetary policy at this meeting but wait until the central bank’s Jackson Hole symposium. Thus, the upticks in the US dollar kept the BNB/USD pair under pressure.

Binance Price Forecast
BNB/USD 4-Hour Timeframe

Binance Price Prediction – Technical Levels

Support Resistance

226.663 241.742

219.942 250.100

211.584 256.821

Pivot Point: 235.021

Binance Price Prediction – Upward Trendline Support at $409

Binance price prediction is likely to remain bullish above the 409.98 support level. On the 4-hourly chart, the BNB/USD pair is facing difficulty violating and crossing above the 436 resistance level. A double top pattern extends this resistance level. 

On the bullish side, a breakout of 436 resistance levels can lead the BNB/USD pair towards the 457 level. In contrast, the bearish breakout of the 409 level opens further room for selling until the 395 level. 

Looking at the Oscillator indicator such as Stochastic RSI, its value is holding at 22 in the selling zone. Therefore, sellers are likely to take control until the 409 support level. On the 4-hourly chart, the 50 days EMA (Exponential Moving Average – Red Line) is holding at the $425level. 

Thus, the BNB has chances of a bearish trend continued until the $409 support level. Conversely, a $420 support level bearish breakout can offer us a solid sell opportunity until the $395 level.  

The forex trading participants may look for a sell trade below the $425 level to the target of $409. At the same time, buying can be seen over $409 level with a target of $425 and $435. All the best.  

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