BNB pullback faces selling near the $220 breakdown level, with bears aiming to turn it into resistance. Bulls show resilience around this point, suggesting ongoing buying. To trigger a relief rally, bulls must clear the challenge of the 21-day EMA, although bears might still defend this level.
BNB's value surged from $202 against the US Dollar, eyeing further gains toward $230 or even $235. After a substantial decline, BNB found support near $202 and began a recovery, mirroring Bitcoin and Ethereum. It cleared resistance at $212 and $215, surpassing the 23.6% Fibonacci retracement of the drop from $248 to $203. Yet, bears are active around $220, with the price near $218 and the 21-hourly moving average.
Amid consolidation, BNB made an unsuccessful attempt to surpass $221 and subsequently experienced a notable decline from its $220 support level. Analysis of the 4-hour chart shows BNB's trade within the range of the 50 and 100 EMA. Notably, the RSI remains above the 50 level, and the MACD appears almost level. The emergence of a new trend hinges on a breach below the 50 EMA or above the 100 EMA.
CoinGabbar Price Analysis estimates that the market capitalization of this BNB is $33,469,140,080. The coin's 24-hour trading volume is around $250,872,542.
KEY LEVELS :
RESISTANCE LEVEL : $221-$226
SUPPORT LEVEL : $213-$208
Is the drop to $200 a favorable buying chance or indicative of bearish momentum? Can BNB uphold its $200 support? Could Binance Coin reclaim $300? Is a return to double-digit BNB value possible? In this pivotal moment, a descent from these levels could profoundly affect the broader market. Feel free to share your insights in the comments below.
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.
