Binance Coin (BNB) Price Analysis: Daily Chart – Bearish
Key resistance levels: $14.5, $16.2
Key support levels: $11.5, $10.1
Following the latest surge, yesterday, BNB finally broke the descending channel that has been suppressing bear pressure for months. From a weekly opening of $14.5, Binance Coin is now trading at $12.6 with a strong bearish setup. The closest support to watch out here is $11.5 and $10.1, which is likely to play out in the next five days.
The RSI sharply fell in the oversold region owing to the current surge in the BNB market. Similarly, the MACD indicator is footing more bearish action in the negative zones. With these signals, a more downward trend is expected to play out in the coming days. However, if a retracement occurs, BNB may retest $14.5 resistance. A further climb could bring trading back in the triangle formation, testing $16.2 resistance.
Binance Coin (BNB) Price Analysis: 2H Chart – Bearish
The price of BNB is seriously depreciating on the 2-hours chart. For the past few days now, the BNB market has remained under bearish control. As we can see, the MACD is extremely in the negative zone, showing a weakening momentum. Conversely, the RSI is now trading in the oversold region to show that sellers are in play.
The next selling target for the bear is $12 and $11.5 support. Though, Binance Coin may run a quick retracement to $13 – touching the yellow line before resuming bearish actions. Meanwhile, a further push could allow the buyers to see $13.5 resistance once more. With the current market condition now, the bears seem to be regrouping for a lower price level.
BNB SELL SIGNAL
Sell Entry: $12.8
TP: $11.5
SL: 13.6
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