Binance Coin (BNB) Price Analysis: Bears In Control As Price Approaches Under $20 : Price Analyses

Binance Coin (BNB) Price Analysis: Bears In Control As Price Approaches Under $20

Binance Coin (BNB) Support and Resistance Levels

  • Support 1: $22.24
  • Support 2: $21.94
  • Resistance 1: $22.87
  • Resistance 2: $23.19
  • BTC Dominance: 70.7%

Binance Coin (BNB) is experiencing a massive sell-off as the coin continues to plummet towards $20. The coin is trading below its first and second support levels and is struggling to find even ground.

Binance coin dipped below its 50% retracement from the medium-term 52 week high and low as well as the 14-day stochastics. These indicators tell us that sellers are becoming increasingly more motivated to sell-off their positions as the coin continues to to make lower lows.

Binance coin dropped from $22.55 to $21.89 at the time of writing, which broke through two of its previous support levels at $22.24 and $21.94. The inability for these inflection supports to hold means that buyers have given up, with little interest in attempting to catch a falling knife.

Adding to the problems for the coin is that volumes have shrunk to half of that in previous months.

Binance Medium-term Outlook: Bearish

For the next few days and weeks we can expect that Binance coin will continue to make lower lows. Momentum is in favor of the bears according to both the RSI as well as the MACD. The coin brielfy slipped into oversold territory but has since recovered. RSI is pointing down and the MACD shows a long way to go before signal line will make a cross-over.

To trade Binance coin right now is a high risk activity. A stop-loss should be placed near the $20 mark if one is anticipating a reversal. But for now, prices right now are in a downards slope with little hope for a correction.

Matthew North

I have a passion for trading, behavioral finance, technology, travel, and writing. Contact: matthew@priceanalyses.com.

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