Price Analysis

Binance Coin (BNB) Witnesses Steady Price Decline Since Mid-November

eToro
  • BNB coin is looking for support level after it breached below $14.88
  • The coin has recorded a loss of more than 30% since mid-November
  • Binance Coin price is heading towards lows; may trade below the Fib retracement level of 100%
  • Technical indicators give a negative sign while bulls struggle to start a recovery

Binance Coin is still looking for a bottom as it is in need of a strong price rebound. The coin is currently struggling with the market pressure, as even Bitcoin is trading much below $7000. Notably, Ripple, a major altcoin, is also declining rapidly while breaking major support levels.

Binance Coin Price Analysis

BNB Coin had been ranging between the Fib retracement levels of 23.6% to 0% in the first half of this month. While the coin is heading to close the month on a bearish note, it is yet to see any strong support level to strike a price recovery. Binance Coin price faced a stiff resistance beyond $21 and pulled back from there steadily. The coin breached major support levels near $20 and $15. BNB coin formed a short-term support level at $14.88, from where it mildly recovered above $16 and again dropped bearishly. Currently, the coin is trading at $14.39 at 05:08:21 UTC.

eToro Crypto
Binance Coin
BNB Chart By TradingView

SMA lines clearly paint a bearish picture while Bollinger bands are heading towards a volatile phase.            Meanwhile, the MACD chart has just formed a bearish crossover as it’s signal line climbs above the MACD line. RSI indicator is even below 30, noting an oversold phase. Also, the Binance Coin has been carrying a selling pressure for a long time now.

BNB coin is likely to see price barriers at $16.89 and $17.3 if it manages to clear resistance at $16.09, while its support levels stand at $14.35, $14.30 and $13.67.

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.

Related Articles

Back to top button