BNB Drops 5% Weekly, Now Faces Critical Support (Binance Coin Price Analysis)

Binance coin had a difficult week after rejecting at key resistance and entering into a downtrend.

Key Support Level: $260

Main resistance level: $300

BNB was unable to break above the $300 resistance, and since then the bears have taken control. The next major support is at $260 and if the buyers do not climb, the price is likely to retest this level. Given the low volume, buyers seem unlikely to care until the price hits $260.

Charts by TradingView

Technical Indicators

Trading volume: The trading volume continues to decrease as the price decreases. This can be interpreted as bullish, and there is a good chance that buyers will return to major support to reverse the current downtrend.

RSI: The daily RSI has dropped below 50 points and continues to fall with lower lows and lower highs. This is my downside.

MACD: The daily MACD turned bearish two days ago, and this is an important change in the price action, which may mean that this downtrend will continue for some time.

BNBUSDT_2022-10-11_13-22-07
Charts by TradingView

bias

The current bias is bearish.

Short term BNB price prediction

Buyers will soon face the difficult task of defending BNB with a major support of $260. The sellers are currently controlling the price action, and it is important to know how the cryptocurrency will perform at the aforementioned support level.

The BNB 5% Weekly post, which is now facing critical support (Binance Coin Price Analysis), first appeared on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *