Binance Coin Price Analysis: BNB Completes 12% 7-Day Plunge Against Bitcoin, Where Is The Bottom?

  • Binance Coin is currently positioned in a downward direction.
  • BNB may regain momentum if buying volume continues to increase again.
  • The price dropped beneath 7-month support following a considerable selling pressure from 0.0023 BTC.

BNB/USD: Binance Coin Remains Under Correction

Key Resistance Levels: $18.7

Key Support Levels: $16, $14.9

bnbusd_chart
BNB/USD. Source: TradingView

Following the latest drops in the entire crypto market, Binance Coin had gained about 1% since yesterday. Recently, BNB has been creating a series of lower highs, which indicates a bearish correction in the market. Binance Coin is currently priced at $17.22 against the US Dollar.

After witnessing a 7-day drop, the 8th most-traded cryptocurrency now pinned daily support at $16. The bearish correction is likely to continue if this support fails to bolster. However, the price is expected to bounce back strong once BNB finds solid ground.

Binance Price Analysis

Looking at the bigger picture, Binance Coin is bearish on the 4-hours time frame, but selling pressure is low at the moment.

If selling pressure increases beyond $16, BNB’s next target would be the green demand area at $14.9. It will become devastating if a breakdown occurs.

Binance Coin is trading around resistance at $17.2. In case of a breakup, the critical resistance to watch out for is $18.7. The price is likely to increase significantly once BNB manages to clear this resistance.

BNB/BTC: BNB Dropped Below 7-Month support

Key Resistance Levels: 0.0018 BTC, 0.0022 BTC, 0.0023 BTC

Key Support Levels: 0.0017 BTC, 0.001666 BTC, 0.0015 BTC

bnbbtc_chart
BNB/BTC. Source: TradingView

Against Bitcoin, Binance Coin is still maintaining a bearish trend on the daily chart. The price is currently down by 3.9%.  BNB started to lose momentum after touching 0.0023 BTC mark in April. It appears that the bearish action is likely to last long.

Considering yesterday’s breakdown at the 7-month demand area of 0.0018 BTC, marked grey on the chart, this might just be the beginning of the downtrend.

The slight breakdown has now brought the trading price to around 0.00175 BTC. Although, there’s hope for the bulls if BNB can climb back above the grey demand zone. But looking at the latest market structure, more selling pressure is around the corner.

Binance Coin Price Analysis

After the breakdown at 0.0018 BTC, Binance Coin is now facing a key level of 0.0017 BTC. The next level to keep an eye on is 0.0016666 BTC, indicated green on the chart. The key support below this is 0.0016 BTC.

Towards the upside, Binance Coin needs to reclaim the grey support-turned-resistance at 0.0018 BTC before considering a significant recovery to 0.0020 BTC – 0.0021 BTC. BNB would see a full recovery if the price further increases to 0.0023 BTC (April’s resistance).

Considering the trading volume, which is still dropping by the day, the BNB/BTC pair is expected to see more losses in the coming days.

The post Binance Coin Price Analysis: BNB Completes 12% 7-Day Plunge Against Bitcoin, Where Is The Bottom? appeared first on CryptoPotato.

source