Binance Coin Price Analysis: Violating The $500 Mark, BNB Coin Price Hints At A 10% Fall.

By Brian Bollinger
December 16, 2021 Updated December 16, 2021
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The overall trend for the BNB coin is still bullish and will remain so until the price sustains above 500 support. Currently, the price is again retesting this crucial support, trying to obtain proper support. Moreover, a piece of positive news for BNB traders is that Binance is launching a crypto exchange in Indonesia and continues to expand its business in the Asia Pacific region. 

Key technical points: 

  • The dynamic support of the 50-day EMA turns into a dynamic resistance as the BNB coin price breaks below. 
  • The intraday trading volume in the BNB coin is $1.72 Billion, indicating a 25.30% loss.

The last time when we covered an article on BNB/USD, on November 18th, the coin price gave a huge lower price rejection near the $500 support zone. The support remains essential as it coincides with the 50% Fibonacci retracement level. 

However, the previous bullish retracement failed to rise above the selling pressure and resulted in a downfall back to the $500 support zone. This time, the momentum is increased, and a bearish fallout is possible.

Presently, the coin trades at $511 while forming a bearish engulfing candle in the daily chart. Moreover, the intraday trading volume shows a decline of 25%. The bearish metrics increase the chances of a $500 fallout.

The crucial EMAs (20, 50, 100, and 200) show a bullish alignment while the price breaks below the 50-day EMA. Therefore, the following supporting average, the 200-day EMA, stands strong at $457.

The daily Relative Strength Index (38) shows a drastic fall in the slope which may soon cross the oversold boundary at the 30% mark.

BNB/USD 4-hour Time Frame Chart

So far, the BNB coin price has not yet displayed any signs of reversal at the bottom support. This, violating the $500 support, the coin would be threatened to drop near the $450 mark. 

On the contrary, if the price manages to sustain above this level, the crypto traders should wait for the price to breach the nearest resistance level of $535 for better confirmation.

As per the traditional pivot levels, the nearest resistance for the coin price is $530, followed by $571. As for the opposite end, the support levels are $490 and $446.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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