Binance Coin (BNB) Price Analysis – BNB Records 10.70% Loss Today, More Severe Drop Coming?

Binance Coin (BNB) Price Analysis – BNB Records 10.70% Loss Today, More Severe Drop Coming?

Out of the top 10 crypto projects, Binance Coin is currently the biggest loser in the market with a market cap of $1.9 billion at the moment. The latest surge has made the 8th most-traded cryptocurrency to correct loss of -10.70% over the last 24-hours. More, importantly, BNB broke the descending triangle forming on the daily chart. This may lead to more intense selling in the coming days.

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.

BNBUSD, Daily Chart – Dec 17

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.

BNBUSD, 2H Chart – Dec 17

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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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.