BNB May Come Below $200

The Binance Coin price prediction shows that BNB is likely to drop within the channel as its sell-offs may be extended further.

Binance Coin Prediction Statistics Data:

  • Binance Coin price now – $216
  • Binance Coin market cap – $35.4 billion
  • Binance Coin circulating supply – 163.2 million
  • Binance Coin total supply – 163.2 million
  • Binance Coin Coinmarketcap ranking – #5

BNB/USD Market

Key Levels:

Resistance levels: $300, $320, $340

Support levels: $150, $130, $110

BNB/USD is currently changing hands at $216 as the coin continues to move sideways. The Binance Coin price may remain below the 9-day and 21-day moving averages on the market because it is mainly influenced by speculative sentiment and technical factors, while the coin may continue to move sideways.

Binance Coin Price Prediction: Would Binance Coin (BNB) Move Downside?

The Binance Coin price is hovering below the 9-day and 21-day moving averages as bulls are yet to hold their ground. However, the widespread retracement on the market could bring the coin to the south with the next local support located at $200 as this level is likely to limit the correction to serve as a jumping-off ground for another bullish movement.

Punt Crypto Casino Banner

However, if the coin begins to drop, it is likely for the sell-off to gain traction with the next focus on $150, $130, and $110 support levels. On the upside, the initial resistance may be created above the moving averages at the $250 level, and traders may need to see a sustainable move to the upside. The further bullish movement could touch the resistance levels of $300, $320, and $340. However, the technical indicator Relative Strength Index (14) is moving below the 40-level, suggesting a sideways movement.

When compared with Bitcoin, the Binance Coin price is hovering above the 9-day and 21-day moving averages. The bulls could not push the market to cross above the upper boundary of the channel as the technical indicator Relative Strength Index (14) nosedives below 65-level.

BNBUSD – Daily Chart

However, if the price slide below the 21-day moving average, the critical support level could be located at 1000 SAT and below. Moreover, if bulls begin to power the market, the coin may likely cross above the channel to find the potential resistance level at 1250 SAT and above.

eToro – Our Recommended Crypto Wallet

eToro exchange
  • Exchange Wallet for 120+ Cryptocurrencies, Trade In-Wallet
  • Automatic Staking of ETH, ADA or TRX in your Wallet
  • Regulated by FCA, ASIC and CySEC – Millions of Users
  • Unlosable Private Key – Secure eToro Recovery Service

eToro exchange

68% of retail investor accounts lose money when trading CFDs with this provider.

Read more:

Source link

Share this article: