Binance Coin is looking weak again after recording substantial gains in the past weeks. The price has plunged to a crucial demand zone following a 10% loss this week. More pain lies ahead.
After BNB topped $400 in November, the price dropped heavily and bounced back to $319, where it initiated another sell action this month. The bears seemed to be back!
It is trading at $265 following a quick recovery from a low of $255.6 today. Although, the bulls are trying to defend the $260 support level. How long they can hold the support lies in their commitment. But if they manage to, BNB could retest $280 before it continues to bleed.
As seen on the daily chart, the bearish presence is becoming well-noticeable as more reds may come into play soon. As soon as the price dips beneath the orange demand zone, we can expect a huge sell-off.
The lower low and lower high formation could plummet the price to $240 before the end of the week. And if not, the coin is likely to face some hurdles at the mentioned demand zone for a while.
It’s important to note that this zone has remained at a solid rebound level over the past five months. BNB is bearish. It has lost about 6% of its value over the past 24 hours.
Binance Coin Price Analysis (BNBUSDT) – Daily Chart
Following the latest selling pressure, the price could fall heavily in the next few days. The immediate support to watch below the orange zone is $250 in case of a breakdown. After that, the $240.1 level is another support to keep an eye on, followed by $228.2.
If the $260 level continues to provide support, the resistance level to watch for a rebound is $284.4. An increase above this price level should allow buying pressure towards $300 and $318 in no time.
Key Resistance Levels: $284.4, $300, $318
Key Support Levels: $250, $240.1, $228.2
- Spot Price: $265
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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