Binance Coin struggled this week after dropping by a total of 8.51% as it currently trades at around $26.31. Throughout the week, the cryptocurrency fell beneath the 100-days EMA and a long term rising support trend line. BNB has now dropped by a total of 21% over the previous 3 months.
BNB remains the 6th largest cryptocurrency with a market cap of $4.09 billion.
Looking at the BNB/USD 1-Day Chart:
- Since our previous BNB analysis, we can see that BNB continued to drop beneath the 100-days EMA and the rising support line. It fell lower beneath the .618 Fib Retracement at $26.44 but had managed to find support at $25.51 (downside 1.272 Fib Extension).
- From above: The nearest level of resistance lies at $27. Higher resistance is located at the 100-days EMA at around $28. Above this, resistance is located at $29.22, $30, $31.49, and $32.45.
- From below: The nearest level of support lies at $25.54. This is followed by support at $25.18, $25, $24.67 (200-days EMA), and $24.00. If the sellers continue beneath $24, further support lies at $22.85 and $21.94.
- The trading volume has remained steady around the average level.
- The RSI has dipped beneath the 50 level to show that bears are in control over the market momentum. However, the Stochastic RSI is in oversold conditions as we wait for a bullish crossover signal to send BNB higher.
Looking at the BNB/BTC 1-Day Chart:
- Against Bitcoin, BNB broke above our previous descending resistance line, but the market found higher resistance at the falling purple resistance line. The cryptocurrency is still unable to break above this trend line which is a bad sign for the BNB bulls.
- From above: The nearest level of resistance lies at 0.002655 BTC. Higher resistance lies at 0.002756 BTC, 0.0029 BTC, and 0.0030 BTC. The resistance at 0.0030 BTC is bolstered by both the 100 and 200-days EMA which converge at this price. If the buyers continue above 0.003 BTC, higher resistance is expected at 0.003111 BTC and 0.0032 BTC.
- From below: The nearest level of support lies at 0.0025 BTC. Beneath this further support is found at 0.00242 BTC, 0.0024 BTC, 0.003255 BTC, and 0.002265 BTC.
- The trading volume remains steady but is still below the average level.
- The Stochastic RSI is also in extreme oversold conditions as we wait for a bullish crossover signal to show the bulls are ready to attempt a push higher.
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Source: Crypto Potato