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Binance COIN Price Analysis: BNB Coin Tanks By 15% This Week, Hovering Above The $335 Support

KsoBk469 (1)
  • BNB coin back to its support level of $335
  • The BNB/BTC pair was trading at 0.009456 BTC with a loss of 0.59%
  • The 24 hr trading volume in BNB is $1.05 Billion.
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The BNB coin shows a drop of 15% this week from the $435 resistance in the daily time frame. Currently, the price is re-inspecting the $335 support level to find good support. A breakdown from this level could plunge the BNB coin to the $300 mark.

About the EMA’s, the BNB coin is trading below the critical EMA’s 20, 50, and 100, in which the 20 EMA is acting as an excellent dynamic resistance for the price. The 200 EMA stands as the last line of EMA defense for bulls moving around the 300 level.

The RSI ( SLIGHTLY BEARISH) current value is 41, indicating a slightly bearish sentiment. However, investors can notice the RSI line is moving sideways from fast a few days, doubts the strength of the bearish momentum.

The Descending Triangle Pattern Spotted In The BNB Coin.

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The 4hr time frame chart of the BNB coin shows the formation of a descending triangle pattern. The key support for this pattern is $335, and the breakdown of this level could sink the price to $300 levels. The descending triangle is a crucial shield for bears as it will keep the market in a downtrend until it is not violated.

 The MACD indicator (BEARISH) shows a bearish sentiment in the price as both lines move below the neutral zone. However, the histogram shows some faded red bars as the price is hovering near the support level.

Conclusion: From the technical perspective, the overall sentiment for the BNB coin remains bearish. As mentioned above, the reaction of the price near $335 leads to the decision for investors about the coin. If price gives a breakdown from this level, it will trigger a great short opportunity till the $300 level

Support: $335

Resistance: $380