Is the Downtrend Just Getting Started?
BNB worth (Binance coin) is down over 25% and buying and selling under $250 in opposition to the US Greenback. The worth might drop additional towards the $200 assist.
- Binance coin worth is transferring decrease under the $250 assist in opposition to the US Greenback.
- The worth is now buying and selling under $250 and the 100-day easy transferring common.
- There’s a key bearish development line forming with resistance close to $280 on the day by day chart of the BNB/USD pair (information supply from Binance).
- The pair might speed up additional decrease if it breaks the $220 assist zone.
BNB Value Continues To Bleed
Previously few days, BNB worth noticed a serious decline from nicely above $280 in opposition to the US Greenback. The current SEC lawsuit in opposition to Binance shouldn’t be serving to BNB. Additionally it is placing bearish stress on Bitcoin and Ethereum.
The final main excessive was shaped close to $352 earlier than the worth declined closely. There was a transparent transfer under the $280 and $250 ranges. The decline was such that the worth examined the important thing $220 assist zone. BNB worth is now buying and selling under $250 and the 100-day easy transferring common.
A low is shaped close to $221.2 and the worth is now consolidating losses. On the upside, BNB is going through resistance close to the $240 degree. The primary main resistance is close to $250. It’s near the 23.6% Fib retracement degree of the downward transfer from the $352 swing excessive to the $221 low.
Supply: BNBUSD on TradingView.com
The following main resistance is close to $270. The primary resistance is now close to $280 or the development line or the 50% Fib retracement degree of the downward transfer from the $352 swing excessive to the $221 low. A transparent transfer above the $280 resistance would possibly begin a gradual enhance. The following main resistance is close to the $300 degree, above which the worth would possibly rise towards the $325 resistance.
Extra Losses?
If BNB fails to clear the $250 resistance, it might proceed to maneuver down. Preliminary assist on the draw back is close to the $220 degree.
The following main assist is close to the $200 degree. If there’s a draw back break under the $200 assist, there could possibly be an prolonged decline towards the $180 assist. Any extra losses might ship the worth towards the $164 assist.
Technical Indicators
Every day MACD – The MACD for BNB/USD is gaining tempo within the bearish zone.
Every day RSI (Relative Energy Index) – The RSI for BNB/USD is at present under the 50 degree.
Main Assist Ranges – $220, $200, and $180.
Main Resistance Ranges – $240, $250, and $280.
