Is the Downtrend Just Getting Started?

BNB worth (Binance coin) is down over 25% and buying and selling beneath $250 towards the US Greenback. The value might drop additional towards the $200 assist.

• Binance coin worth is transferring decrease beneath the $250 assist towards the US Greenback.
• The value is now buying and selling beneath $250 and the 100-day easy transferring common.
• There’s a key bearish development line forming with resistance close to $280 on the each day chart of the BNB/USD pair (information supply from Binance).
• The pair might speed up additional decrease if it breaks the $220 assist zone.

BNB Worth Continues To Bleed

Up to now few days, BNB worth noticed a significant decline from nicely above $280 towards the US Greenback. The latest SEC lawsuit towards Binance shouldn’t be serving to BNB. It’s also placing bearish stress on Bitcoin and Ethereum.

The final main excessive was fashioned close to $352 earlier than the value declined closely. There was a transparent transfer beneath the $280 and $250 ranges. The decline was such that the value examined the important thing $220 assist zone. BNB worth is now buying and selling beneath $250 and the 100-day easy transferring common.

A low is fashioned close to $221.2 and the value is now consolidating losses. On the upside, BNB is going through resistance close to the $240 degree. The primary main resistance is close to $250. It’s near the 23.6% Fib retracement degree of the downward transfer from the $352 swing excessive to the $221 low.

Supply: BNBUSD on TradingView.com

The following main resistance is close to $270. The principle resistance is now close to $280 or the development line or the 50% Fib retracement degree of the downward transfer from the $352 swing excessive to the $221 low. A transparent transfer above the $280 resistance would possibly begin a gradual enhance. The following main resistance is close to the $300 degree, above which the value would possibly rise towards the $325 resistance.

Extra Losses?

If BNB fails to clear the $250 resistance, it might proceed to maneuver down. Preliminary assist on the draw back is close to the $220 degree.

The following main assist is close to the $200 degree. If there’s a draw back break beneath the $200 assist, there might be an prolonged decline towards the $180 assist. Any extra losses might ship the value towards the $164 assist.

Technical Indicators

Each day MACD – The MACD for BNB/USD is gaining tempo within the bearish zone.

Each day RSI (Relative Power Index) – The RSI for BNB/USD is at present beneath the 50 degree.

Main Assist Ranges – $220, $200, and $180.

Main Resistance Ranges – $240, $250, and $280.