BNB Tumbles To Major Support Zone, What’s Next?

Published July 21, 2021 | Updated July 21, 2021

binance coin

BNB Tumbles To Major Support Zone, What’s Next?

  • BNB falls -20% the last week
  • Price is being held by major support of $257
  • 250 MA has continued to hold price down

Binance coin has followed the majority of the crypto market to a tee the last couple months. As Bitcoin broke its major support zone of $30,000, BNB has tumbled nearly $70 to its June candle low. BNB has much utility within the Binance platform but unfortunately it has fallen victim to the general market trends. Considering the explosive run BNB had experienced throughout the last year, this type of correction is very much needed to continue growth. 

The price of BNB had turned short term bearish in the beginning of July & since then it has experienced a near -25% fall. At the time of writing, BNB sits on its major resistance zone of $248-$257. If bulls fail to hold this zone, BNB will likely fall hard. The next supports for BNB land at $240, $228 & $215. Along with the $228 support lies its long term trend which will likely provide a strong bounce if price reaches it.

Binance Coin Price Analysis: BNB/USDT 4 Hour Chart

For BNB to break its downtrend it must show a great amount of strength at the current support zone. Bulls must push BNB past its major resistance of $269 along with resistances found at $280 & $291. If this occurs, BNB will then be free from its downtrend and will have to battle out the 250MA. This MA has held BNB down for over 2 months and continues to act as a major rejection area.

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While looking at the RSI we can see that strength just touched in the oversold region. This shows selling pressure is at its highest and strength must break over its top trend to confirm an uptrend is in place. We can see a similar story with the Stochastic RSI as a trend line has held strength down from rising to higher values. 

BNB intraday levels 

  • Spot rate: $264
  • Trend: Bearish
  • Volatility: High
  • Support: $257
  • Resistance: $269

 

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Disclaimer
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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Domenic CoinGape 75 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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