Binance Coin (BNB) Loses Key Support, Is $200 The Next Stop?

  • BNB’s price struggled as the $270 support failed to hold. Buyers are wishing for $200 BNB. 
  • BNB prices below the 50- and 200 day Exponential Moving Averages; this renders BNB’s bullish value null. 
  • BNB prices could drop to $200, if there is a continued bearish trend. 

Binance Coin (BNB), which is valued at $19,000, has been struggling to recover its bullishness against USDT (tether). However, the market was not able to do so as it hit a fresh new rock. New problems faced the crypto market as Bitcoin’s (BTC), price plummeted from around $19,000 to $18,100. This was due to an inflation increase as Binance Coin, (BNB), wasn’t left out. Data from Binance

State Of The Market

Source: – State of Crypto Market| Source: On

The crypto market cap looked poised to rebound to its highest point with relief bounces, and there were hopes that altcoins would join the party. However, the rally was short-lived as altcoins suffered a decline in price. Many altcoins lost key support, and are now at greater risk as Bitcoin Dominance (BTC.D), continues to climb.

Binance Coin (BNB). Price Analysis on the Weekly Chart.

Many altcoins showed as much strength in the rally’s first week, while others produced double-digit gains. This was combined with BTC.D being down at the time, so there wasn’t much Bitcoin effect on price retracement. 

BNB’s price has held steady at $270 for the past weeks. This is because the price must maintain this support in order to prevent its price falling to $245 or possibly $200. BTC had its price drop to $18,200. BNB’s value followed suit as there was sharp fall across crypto markets.

This key support is being protected by the BNB price. If the BNB price remains bearish we may see the region turn into resistance.

Weekly resistance for the price of BNB – $298.

Weekly support for the price of BNB – $270-$260.

BNB Daily Price Analysis (1D) Chart

BNBUSDT Price Chart Daily | Source: BNBUSDT On

BNB received rejections at $298 during the daily trading period. The price had struggled to convert this region from support in recent months. After moving below $298, the price rejected to $265. 

BNB’s price trades at $270 after the price rebounded from a $265 drop. BNB’s price trades below the 50 and 200 Exponential Moving Averages (EMA) as the price needs to flip these regions to become bullish for BNB. BNB’s resistance is represented by the values $280 and $355.

Daily resistance for the price of BNB – $290-$305.

Daily support for the price of BNB – $270.

Featured Image from zipmex. Charts From Tradingview 

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