Binance Coin recently followed Bitcoin’s trend for a while now as the price continued to trade within a tight range. The coin is yet to break out as it waits for Bitcoin’s next major movement.
BNB is looking bearish again from the short-term perspective after witnessing a nice 5% gain in 6 days. The price is now dropping toward the important level of $260, where the market saw a nice recovery last week.
At the same time, the crypto has been struggling below the $300 psychological level since the price fell from the $367 high in August. As a result of this, BNB has remained between a tight range of $260 and $300 price levels. These mentioned levels currently act as strong support and resistance, marked grey on the price chart.
At the time of writing, Binance Coin is still ranked 4th by MarketCap, and it is trading at around the $269 level. The latest selling pressure in the BNBUSDT pair will likely last for the rest of the week if the buyers fail to show strong interest.
A strong bounce above the important support level could provide another buying opportunity. But for now, the bears are gaining control of the market. We can expect more drops in the future if the pressure becomes heavy.
BNB Price Analysis (BNBUSDT) – Daily Chart
While BNB continues to range on the daily chart, let’s consider the possible price levels to watch for a breakout.
On the upside, there’s still room for an increase to the $280 resistance level. The next resistance level to keep in mind is $290, followed by the psychological $300 level. A clear break above this level would validate a fresh increase for BNB.
Towards the downside, the last defense line for the short-term bulls is $260 support. A significant break below this support would signal a bearish continuation. The $250 and 240 supports would be the levels to watch out for.
- Key Resistance Levels: $280, $290, $300
- Key Support Levels: $260, $250, $240
- Spot Price: $270
- Trend: Neutral
- Volatility: Moderate
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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Image Source: Kanchanara on Unsplash // Image Effects by Colorcinch
