Price Analysis

Binance Coin Battles with Bearish Trend; Price Drops to $19

  • Binance Coin price is walking towards the major support level
  • The traders who were expecting the coin to recover rapidly need to wait for some more time now

The crypto market has been performing way too hastily in the past few days. The fluctuation has affected the coins at large. The market was seen crashing yesterday and the same seems to have its effect today as well.

However, Binance Coin (BNB) is a high potential coin. The price movement has always impressed the traders. We are looking forward for a similar kind of recovery in the future. The traders who have already invested in BNB must be aware of the movement in the price.

Today, BNB is seen under heavy market pressure. Let’s now see how the intraday trading is planning to shape up. Here, take a look at the intraday chart of Binance Coin.

Binance Price Analysis:

Yesterday, Binance Coin started dealing at $20.6 and had a mere jump of 0.89% to trade at $20.8. Further, the currency slipped to $19.7 by 4.48%. There was slight recovery in the coin. The price jumped to $20.3 by 1.95%. The coin remained tight around $20.3 and closed at the same level registering an intraday loss of 1.27%.

Today, BNB coin started with a slight uptrend of 0.44% as the counters moved from $20.3 to $20.4. Further, the currency slipped to $19.6 by 3.9% and the trading price at the time of writing was $20.04.

BNB Price Chart
BNB Chart By TradingView

Binance Coin traders have been furious lately, due to the price movement. The ongoing month reflected a slight improvement, but yesterday’s price crashed ruined all efforts. The investors are now eyeing for a hefty recovery.

For intraday traders, BNB coin price is not expected to bring any fruitful results. The coin has already crossed the immediate and the next support level. It is anticipated that the coin would violate the major support in the coming hours.

Resistance LevelPrice Support Level Price
R1$20.99S1$20.28
R2$21.33S2$19.91
R3$21.7S3$19.57

The traders interested in the coin are usually recommended to go with long-term investment. Well, keeping in mind the current movement in the coin, we would suggest holding on the investment for some more time and waiting until the market stabilizes.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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