Binance Coin (BNB) Appears Red, Trades with a Bearish Crossover
- Binance Coin, at the time of penning down this analysis, was trading at $21.1 and recorded a dip of over 22% from the height of $27.2 over the past eight days
- The price trend of BNB coin was in between 50.0% and 38.20% Fib Retracement Level until the red candlestick broke out
- The coin is heading towards the immediate support from 200-day daily MA
- The 20-day Bollinger Bands laid show moderate opening, and so we do not see any unpredictable, volatile movement; however, the downtrend seems to remain intact
Binance Coin experiences a continual downward oscillation after recording a weekly high at $27.2 and slides below 38.20% Fib Retracement Area.
Binance Coin Price Analysis
Analyzing the 5-hourly BNB to USD chart, we see that the price is facing a notable pullback after marking a weekly high at $27.2. This has led the currency to lose support from the 50-day daily MA and is heading towards immediate support from 200-day MA. The 38.20% Fib Retracement level happens to be a strong support zone around which the price trend of Binance Coin is seen hanging. There have been multiple touches between 50.0% to 3.20% Fib.
Moreover, as per the BNB price prediction, if the downtrend continues as per the trendline formed, a stop loss is likely to be marked, as the market is subject to volatility. Alongside, Bitcoin price is also seen trading below $10,000 after a momentary spike in the past 24 hours.
The MACD of Binance Coin is holding a strong possibility of a bearish crossover as the Signal line is likely to cross above the MACD line due to intraday corrections.
Similarly, the RSI of the BNB coin is at 33.92 and exhibits selling pressure in the oversold region around and below 30.