During the last two months of 2021, the BNB price was trying to sustain above the $500 support. However, entering 2022, the coin sellers took the lead and dropped the price below this crucial support. The bloodbath in the crypto market fueled more selling pressure and dumped the price to the $427 mark.
Key technical points:
- BNB Coin sellers engulfed the 200 EMA of the daily time frame chart.
- The daily RSI line has slipped into the oversold territory
- The 24-hour trading volume in the Binance Coin (BNB) is $3.41 billion, indicating a 16.14% loss.
Previously when we covered an article on Binance Coin, this pair was struggling hard to sustain above the $500 psychological level. Moreover, the technical chart revealed a descending triangle pattern in the daily time frame.
On January 5th, the intense sell-off in the crypto market triggered a fallout from the crucial support. The coin chart showed four consecutive red candles, which caused a 15.5% loss in price value.
The Binance Coin bears dropped the coin price below the 200 DMA, projecting a bearish trend. . Moreover, the chart also shows the 50 and 100 DMA could soon provide a bearish crossover, inviting more sellers to this coin.
This daily Relative Strength Index (28) shows a sudden drop to the oversold region, revealing the selling pressure on the crypto market.
BNB Price Shows Good Sustainability Below The $450 Mark
This recent downfall in the BNB price breached a significant support level of $450. The coin price went through a one-day retest phase, and today it flashes a new red follow-up candle, indicating a 2.7% intraday loss.
If BNB price sustains below this level, the coin would drop to the psychological level of $400. The supertrend indicator accentuates the steady downtrend in this lower time frame chart.
The traditional pivot levels display great confluence with the know chart level, providing an extra edge for the following levels.
- Resistance levels: $460, $505
- Support levels: $392, $245
- Crypto Fear and Greed Index Score Hits 5 Month Low, Now Points to ‘Extreme Fear’
- Binance In the Middle of a Massive Cryptocurrency Scam in Pakistan; Crypto Security Is Not Unbreakable
- OpenSea’s daily transaction Volume now sits over $200 million for most of 2022
- Is Binance CEO the world’s richest man alive?
- Now You Can Use Your Tesla To Mine Bitcoin, Here’s How
- Forget Bitcoin on-chain, the U.S. Inflation Data Will Determine the Next Move in BTC
- Bitcoin (BTC) Bounces Back from the Support of $40,000, Here Are Key Levels to Watch
- Forget Bitcoin And Keep These Three Altcoins on Your Radar for January
- Coinbase officials dump millions worth of $COIN shares, $COIN stock price down by 11% Over MoM
- Total Value of ETH in 2.0 Deposit Contract skyrockets to an ATH of 8.9 million ETH
- Binance Coin Price Analysis: BNB Price Loses Another Support; $400 Mark Closing Up
- SHIB Price Analysis: Planning to buy the dip? Check these important SHIB Price Levels
- Bitcoin Price Analysis: Finding Bitcoin Bottom? Falling Prices Inside The Wedge Approach $40K
- Ethereum Price Analysis: ETH Price Drops Below The 50% Retracement Level, Is $2900 Next?
- Top Bitcoin Holding Company Stock Prices Are Down By More Than 15%, Buying Opportunity?
- Hedera Price Analysis: HBAR Coin Bulls Struggles To Surpass The $0.323 Resistance
- Polygon Price Analysis: MATIC Coin Hints Bullish Reversal From The $2 Mark
- Cosmos Price Analysis: ATOM Recovery Rally Challenges The $44.7 All-Time High Resistance
- Bitcoin (BTC) price likely to bottom between $42k-$37.5k, here’s why
- Decentraland Price Analysis: MANA Token Survive Crypto Bloodbath With Its Bear Trap