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

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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.

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

   

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