BNB value (Binance coin) is down over 25% and buying and selling beneath $250 towards the US Greenback. The worth may drop additional towards the $200 assist.
- Binance coin value is shifting decrease beneath the $250 assist towards the US Greenback.
- The worth is now buying and selling beneath $250 and the 100-day easy shifting common.
- There’s a key bearish pattern line forming with resistance close to $280 on the every day chart of the BNB/USD pair (knowledge supply from Binance).
- The pair may speed up additional decrease if it breaks the $220 assist zone.
BNB Worth Continues To Bleed
Prior to now few days, BNB value noticed a significant decline from nicely above $280 towards the US Greenback. The latest SEC lawsuit towards Binance just isn’t 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 beneath the $280 and $250 ranges. The decline was such that the worth examined the important thing $220 assist zone. BNB value is now buying and selling beneath $250 and the 100-day easy shifting common.
A low is shaped close to $221.2 and the worth is now consolidating losses. On the upside, BNB is dealing with 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 subsequent main resistance is close to $270. The primary resistance is now close to $280 or the pattern 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 gentle improve. The subsequent 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 may proceed to maneuver down. Preliminary assist on the draw back is close to the $220 degree.
The subsequent main assist is close to the $200 degree. If there’s a draw back break beneath the $200 assist, there may very well be an prolonged decline towards the $180 assist. Any extra losses may ship the worth towards the $164 assist.
Technical Indicators
Each day MACD – The MACD for BNB/USD is gaining tempo within the bearish zone.
Each day RSI (Relative Energy Index) – The RSI for BNB/USD is at the moment beneath the 50 degree.
Main Assist Ranges – $220, $200, and $180.
Main Resistance Ranges – $240, $250, and $280.
