Title Is BNB Downtrend Just Beginning?
The price of Binance Coin (BNB) has decreased by more than 25% and is currently trading below $250 against the US Dollar. There is a possibility that the price could drop further and reach the $200 support level.
- The Binance coin price is currently decreasing and is below the $250 support level against the US Dollar.
- The price is now trading below $250 and the 100-day simple moving average.
- On the daily chart of the BNB/USD pair (data source from Binance), a key bearish trend line is forming with resistance near $280.
- If the pair breaks the $220 support zone, the price could decrease further.
BNB Price Continues To Bleed
In the past few days, the price of BNB has experienced a significant decline from above $280 against the US Dollar. This is likely due to the recent SEC lawsuit against Binance, which is also putting bearish pressure on Bitcoin and Ethereum.
The last major high was around $352 before the price decreased heavily. The price moved below the $280 and $250 levels and tested the key $220 support zone. BNB price is now trading below $250 and the 100-day simple moving average.
The price has formed a low near $221.2 and is currently consolidating losses. On the upside, BNB is facing resistance near the $240 level. The first major resistance is near $250, which is close to the 23.6% Fib retracement level of the downward move from the $352 swing high to the $221 low.
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Source: BNBUSD on TradingView.com
The next major resistance is near $270. The main resistance is now near $280 or the trend line or the 50% Fib retracement level of the downward move from the $352 swing high to the $221 low. If the price clears the $280 resistance, it might start to increase steadily. The next major resistance is near the $300 level, above which the price might rise toward the $325 resistance.
More Losses?
If BNB fails to clear the $250 resistance, the price could continue to decrease. The initial support on the downside is near the $220 level.
The next major support is near the $200 level. If there is a downside break below the $200 support, the price could experience an extended decline toward the $180 support level. Any additional losses could send the price toward the $164 support level.
Technical Indicators
The MACD for BNB/USD is gaining pace in the bearish zone. The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $220, $200, and $180.
Major Resistance Levels – $240, $250, and $280.
