Price Analysis

Binance Coin Price on a Continual Downswing; Holds a Strong Bearish Outlook

  • BNB coin has been exhibiting a slithering trend since the past 6 months with negligible traces to rise beyond
  • BNB/USD 1-month movement shows a moderate fall comparatively, while a long-term movement is indicating only a plunge throughout
  • The intraday movement of Binance Coin also indicate a plummeting trend, which rightly confirms the selling pressure that the coin is holding

Binance Coin (BNB) recorded an all-time high 6 months back in the month of June when it was soaring at $43.39 on the exchange of Binance. Since then, it has been on a continual downslide and marked the bottom at $14.33.

Binance Coin Price Analysis:

Binance Coin Price Chart
BNB Chart By TradingView

Analyzing the daily movement of BNB/USD over the past 6 months, since June it the coin has been only seen slipping cumulatively after mounting at $43.

After the collapsing trend observed in June, the month of August remained quite subtle as seen, the price remained above the falling trend, until the last week of the previous month.

The current trading price of Binance Coin has no support from the daily short-term or long-term moving averages, as it trades at $17.29, at the time of penning down. The daily short-term and long-term MAs such as 9-day, 49-day, and 100-day remain above the current price trend, which shows the selling pressure that BNB coin withholds.

Also, since the last week of the previous month, BNB coin made frequent attempts to rise above the resistance that it is facing at $24 but couldn’t really make through it. Currently, it is facing an upside rejection above $20 for the past 2 days and above $21 since past 2 months, with a few hits in the previous week.

The MACD of Binance Coin is running bearishly as the signal line crossed the MACD line and is moving towards zero, while the RSI lies at 32.76, being inclined towards the oversold region as the price is hitting the lows.

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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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