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BNB worth (Binance coin) is down over 25% and buying and selling beneath $250 towards the US Dollar. The worth might drop additional towards the $200 help.

• Binance coin worth is shifting decrease beneath the $250 help towards the US Dollar.
• The worth is now buying and selling beneath $250 and the 100-day easy shifting common.
• There is a key bearish pattern line forming with resistance close to $280 on the day by day chart of the BNB/USD pair (knowledge supply from Binance).
• The pair might speed up additional decrease if it breaks the $220 help zone.

BNB Price Continues To Bleed

In the previous few days, BNB worth noticed a serious decline from properly above $280 towards the US Dollar. The current SEC lawsuit towards Binance is just not serving to BNB. It can also be placing bearish strain on Bitcoin and Ethereum.

The final main excessive was fashioned close to $352 earlier than the worth declined closely. There was a transparent transfer beneath the $280 and $250 ranges. The decline was such that the worth examined the key $220 help zone. BNB worth is now buying and selling beneath $250 and the 100-day easy shifting common.

A low is fashioned close to $221.2 and the worth is now consolidating losses. On the upside, BNB is dealing with resistance close to the $240 stage. The first main resistance is close to $250. It is near the 23.6% Fib retracement stage of the downward transfer from the $352 swing excessive to the $221 low.

Source: BNBUSD on TradingView.com

The subsequent main resistance is close to $270. The predominant resistance is now close to $280 or the pattern line or the 50% Fib retracement stage of the downward transfer from the $352 swing excessive to the $221 low. A transparent transfer above the $280 resistance may begin a gradual improve. The subsequent main resistance is close to the $300 stage, above which the worth may rise towards the $325 resistance.

More Losses?

If BNB fails to clear the $250 resistance, it might proceed to maneuver down. Initial help on the draw back is close to the $220 stage.

The subsequent main help is close to the $200 stage. If there’s a draw back break beneath the $200 help, there might be an prolonged decline towards the $180 help. Any extra losses might ship the worth towards the $164 help.

Technical Indicators

Daily MACD – The MACD for BNB/USD is gaining tempo in the bearish zone.

Daily RSI (Relative Strength Index) – The RSI for BNB/USD is at present beneath the 50 stage.

Major Support Levels – $220, $200, and $180.

Major Resistance Levels – $240, $250, and $280.