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BNB Price Analysis: Binance Coin Seems to Have Started a Downtrend

BNB Price Analysis: Binance Coin Seems to Have Started a Downtrend
BNB Price Analysis: Binance Coin Seems to Have Started a Downtrend

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Recently, BNB/USD Price movement was able to break the resistance level of $278. However, downward forces pulled at it when it reached a bit above $280. Consequently, this has caused the crypto’s price to start falling towards lower support, perhaps for a correction.

BNB’s Analysis Statistics Data:
Binance Coin value now: $279
BNB’s market cap: $44.93 billion
BNB’s moving supply: 161.34 million
The Total supply of Binance Coin: 161.34 million
BNB’s Coinmarketcap ranking: #5

We shall further examine this market, in an attempt to deduce possible occurrences that could happen in this market. At the same time, we’ll extend this price examination to the Binance versus Bitcoin market. Without any more delay, let’s get started.

Important Price Marks:
Ceiling Marks: $285, $300, $320
Floor Marks: $279, $250, $230

BNB Price Analysis: Binance Coin Seems to Have Started a Downtrend

Binance Price Analysis: Downward Forces Causing a Downward Pullback in BNB/USD Price Action

BNB/USD market portrays the selling activities of traders which started a bit too early – Judging by the Fib level which was broken to the upside not quite long. The last bearish candle on this chart has plunged prices towards important support. Also, the Stochastic RSI curves have crossed each other in the overbought region to indicate a downward retracement in price movements. Traders in this market can use the Fibonacci level 38.20 of price 278.10 as a buy level since an upward correction may start from here. However, should the Fib level fail to hold, then attention should be turned to the next Fibonacci of 50% of the price of $260.

BNB Price Analysis: Binance Coin Seems to Have Started a Downtrend

Binance Price Analysis: BNB/BTC May Preparing a Downtrend

Price action in the BNB/BTC market has been on a long-term uptrend. Price action has gotten close to the 0.00 Fibonacci level. And at this point, price movement seems to be pushing downwards via the last candle on this chart. Also, the RSI curves have reached 77% and 74% levels, and are now bent towards each other. Therefore, should downward pressure continues to pull on value movement price will brake the upward sloping support downwards.

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Nevertheless, since price action still reclines above the MA, and the RSI lines are still below the 80% level, this implies that price action may still move upwards. Consequently, price action may break into the Fib extension and higher price levels. Traders can place a pending long order at 0.014600 to catch the continuation early.

View the latest BNB price on CoinCodex.

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