- 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.
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.