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.

Charts by TradingView


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.

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