Is the Downtrend Just Getting Started?

BNB worth (Binance coin) is down over 25% and buying and selling under $250 in opposition to the US Greenback. The worth may drop additional towards the $200 assist.

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

BNB Worth Continues To Bleed

Prior to now few days, BNB worth noticed a serious decline from properly above $280 in opposition to the US Greenback. The current SEC lawsuit in opposition to Binance isn’t serving to BNB. Additionally it is placing bearish stress on Bitcoin and Ethereum.

The final main excessive was shaped close to $352 earlier than the value declined closely. There was a transparent transfer under 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 under $250 and the 100-day easy transferring common.

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

Supply: BNBUSD on TradingView.com

The subsequent main resistance is close to $270. The principle resistance is now close to $280 or the pattern line or the 50% Fib retracement stage 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 subsequent main resistance is close to the $300 stage, above which the value would possibly rise towards the $325 resistance.

Extra Losses?

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

The subsequent main assist is close to the $200 stage. If there’s a draw back break under the $200 assist, there could possibly be an prolonged decline towards the $180 assist. Any extra losses may ship the value towards the $164 assist.

Technical Indicators

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

Every day RSI (Relative Power Index) – The RSI for BNB/USD is at the moment under the 50 stage.

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

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