BNB has remained below the $220 breakdown level in recent days, yet the bears have been unable to capitalize on their position.
The Binance Coin (BNB) struggled to maintain levels above $225 and saw a decrease in its gains against the US Dollar. There is a potential for a substantial decline if it falls below the $210 mark. BNB's price has been attempting a recovery towards the resistance zone at $235. While it did make some upward progress, it ultimately couldn't sustain those gains and failed to break through the $235 resistance level.
A new downtrend commenced from the $235 region. On the 4-hour chart of the BNB/USD pair, a significant bullish trend line was breached, which had support around $220. Similar to Bitcoin and Ethereum, BNB is displaying bearish indications below the $218 level and the 200-hourly simple moving average. The price established a bottom around $211.20 and is presently in a phase of consolidating its losses.
Looking at the positive side, there is notable resistance around the $217 mark. A decisive breakthrough above $217 could propel the price to even greater heights. The subsequent significant resistance level stands at approximately $225, and if surpassed, it could pave the way for further upward movement towards $235. If the price manages to close above the $235 resistance, it could potentially set the stage for a more substantial surge aiming for the $250 resistance level.
If BNB is unable to overcome the resistance at $217, there is a possibility of a renewed downward trend. Initially, it could find support around the $213 level. Beyond that, a significant support zone looms near the $210 mark. In the event of a breach below the $210 support, the price might decline further towards the $202 support level. Subsequent losses could potentially push the price down to the $188 support level.
CoinGabbar Price Analysis estimates that the market capitalization of this BNB is $33,014,392,768. The coin's 24-hour trading volume is around $342,262,143.
KEY LEVELS :
RESISTANCE LEVEL : $217-$220
SUPPORT LEVEL : $211-$206
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
