The price of the Binance coin, or BNB, was unable to stabilize above $225 and lost ground against the US dollar. If the price falls below $210, it may experience a sharp collapse.

  • Before the bears started to show versus the US dollar, the Binance coin price tested the $235 level.
  • The price is currently trading below $220 and the 4-hour 100 SMA.
  • On the 4-hour chart of the BNB/USD pair (data source from Binance), there was a breach below a significant positive trend line with support close to $220.
  • If there is no closing above $225, the pair may continue to decline.

Binance Coin Price Fails Again

In the previous study, we mentioned the likelihood of a BNB price recovery toward the $235 resistance region. The price did go up into the $235 resistance zone, but it was unable to continue its upward trend.

The $235 region marked the beginning of a new slump. On the 4-hour chart of the BNB/USD pair, a crucial bullish trend line with support close to $220 was broken. Similar to Bitcoin and Ethereum, the pair is presently displaying bearish indicators below $220 and the 100 simple moving average (4 hours).

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Price increases may be possible if there is a clear rise over the $217 region. The price may rise toward $235 if it breaks through the next significant resistance at around $225, which is the 61.8% Fib retracement level of the most recent slide from the $235 swing high to the $211 low. The pace for a greater advance toward the $250 resistance may be set by a close above the $235 resistance.

Another Decline in BNB?

BNB could begin another slide if it is unable to overcome the $217 resistance. Near $211 is where initial support on the downside is located.

The $210 mark serves as the next significant level of support. The price may fall toward the $202 support if there is a downward breach below the $210 level. Any additional losses might push the value closer to the $184 support.


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