July 20, 2024

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

2 min read
Binance Coin (BNB) Loses Key Support, Is 0 The Next Stop?
  • BNB price struggles as $270 support fail to hold, with many buyers wishing for $200 BNB. 
  • BNB price breaks below 50 and 200-day Exponential Moving Average; this invalidates the bullish price of BNB. 
  • The price of BNB could restest $200 if the price maintains a bearish structure. 

The price of Binance Coin (BNB) has struggled recently to reclaim its bullish strength against tether (USDT) but was unable to as the price hit a new fresh rock. The crypto market faced a new drawback as Bitcoin (BTC) price dropped from a region of $19,000 to $18,100 as the Consumer Price Index (CPI) suggested an increase in inflation affecting the price of BTC negatively with Binance Coin (BNB) not left out of the equation. (Data from Binance)

State Of The Market

After showing relief bounces and the crypto market cap looking ready to rally to a high with the hopes of altcoins joining the party, this was cut short as many altcoins experienced a price decline, with many losing key support and more risk of falling as the price of Bitcoin Dominance (BTC.D) continues to rise.

Binance Coin (BNB) Price Analysis On The Weekly Chart.

The first week of October saw many altcoins showing so much strength as the rally, with others producing double-digit gains coupled with the fact that BTC.D was down at that moment, and as such, there was not much Bitcoin effect during price retracement. 

The price of BNB in recent weeks has protected the region of $270 as the price needs to hold this key support to avoid its price from going lower to a region of $245 and possibly $200. After BTC saw its price rejected to a low of $18,200, the price of BNB followed its price as this was a sharp decline across the crypto market.

With the price of BNB protecting this key support, we could see price bouncing off this region; if the price of BNB remains bearish, we see this region flipped into resistance.

Weekly resistance for the price of BNB – $298.

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

Price Analysis Of BNB On The Daily (1D) Chart

In the daily timeframe, BNB faced rejection at $298 as the price struggled recently to flip this region into support. The price continued to move below $298 before the price was met with a rejection to a region of $265. 

The price of BNB trades at $270 as the price bounced off after a drop to $265. 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. The values of $280 and $305 correspond to 50 and 200 EMA as they act as resistance for the BNB price.

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

Daily support for the price of BNB – $270.

Featured Image From zipmex, Charts From Tradingview