The price of Binance Coin has tumbled over the past 24 hours, decreasing by more than 7.4% and trading at around $29.58 at the time of writing. The recent price drop coincides with the sharp decline in the Bitcoin market.
Despite the recent pullback, Binance Coin’s price is still up by 63% over the past 3 months. BNB remains the seventh largest cryptocurrency by market value with a market cap of $2.4 billion.
Looking at the BNB/USD 1-day chart:
- Since our previous BNB analysis, BNB struggled to break above the $34.20 resistance level and eventually rolled over at this level. The market then tanked, which led to a fall below $30 and a return to support at the $28.90 level provided by a short-term .5 Fibonacci retracement.
- From above: The nearest level of resistance lies at $30. If the bulls climb back above $30, higher resistance lies at $31.50, $32.50, and $34. If the buyers can move the price above the $34.20 mark, the next levels of resistance lie at $35, $36, and $38.53.
- From below: The nearest level of support lies at $28.90. Beneath this, further support lies at $28 (which is strengthened by the 100-day EMA) and $26.44 (provided by the short-term .618 Fib retracement). If selling continues below $26.44, the next level of strong support lies at $25.18.
- The trading volume has been steadily declining this month and is far below the 2019 average.
- The RSI recently slipped from an attempt to break above 50, which shows that the bears are in complete control. Consequently, we can assume that BNB will continue to fall in value.
Looking at the BNB/BTC 1-day chart:
- BNB has also been suffering against Bitcoin. The recent drop beneath the 0.002655 BTC level has caused BNB/BTC to set fresh 5-month price lows. The market found support at 0.002429 BTC yesterday, but BNB still looks like it’s headed lower.
- From above: If the bulls can bring the price above 0.002655 BTC, higher resistance lies at 0.002756 BTC, 0.0029 BTC, and 0.003 BTC. If the bulls can continue above 0.003 BTC, further resistance lies at 0.003111 BTC (which contains the 200-day EMA) and 0.0032 BTC.
- From below: The nearest level of support lies at 0.002429 BTC. Beneath this, further support lies at 0.0024 BTC, 0.002265 BTC, 0.0022 BTC, and 0.0020 BTC.
- This market’s trading volume has also been diminishing.
- The RSI also recently turned away from the 50 level, which shows that the sellers remain in control of this falling market.
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