Binance Coin Price Analysis: Will The Downtrend In BNB Token Price Continue? – Cryptocurrency News – The Market Periodical

  • BNB token price is currently seeing the continuation of the downtrend with a loss of 5% in the intraday session. It can test the lower support of $200 in the future.
  • Binance price is currently seeing a loss of 5% in the intraday session. Meanwhile, BNB/BTC pair is also seeing a downtrend in the daily chart.

Binance price is currently trading at $340 with an intraday loss of 5%. Binance coin is currently seeing a downtrend and can touch the major support level. BNB token price has an ROI of more than 297599.42% which is much higher than its competitors in the market. The price is currently seeing a downtrend but can soon revert to normal. BNB/BTC pair might also see an upside correction in the future.

Binance coin has a market dominance of 3.43% and is currently ranked 4th in the CMC. The volume of the BNB token along with the volume has seen a small surge in the last 24 hours. The volume to market capitalization ratio for the asset price is at 0.044, hinting towards a bearish momentum.

Technical Indicators Suggest A Bearish Move For BNB Token Price

Source: Trading View

The weekly chart of the coin hints towards a downtrend for the upcoming day. Binance price has seen a loss of 4% in the weekly chart. BNB token price resistance on the upside can be seen near $450. Meanwhile, the support region for the price can be seen near $250. The price is currently trading below 50 and 100 Daily Moving Average. It has given negative crossover in the past which supports the downtrend. The 100MA (RED) line is at $420, which is acting as a temporary hostile region for the price. The price is currently in a parallel channel on the daily chart. If the price breaks down below $250 then a strong downtrend till $150 can be observed. BNB/BTC pair can also see a recovery in the price in the future.

MACD(Bearish): MACD for the asset price is in a bearish zone hinting towards a downtrend in the price. The signal line of the price can observe a negative crossover in the chart. The bars of the histogram is also showing a bearish momentum in price.

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Conclusion

BNB token price is observing a downtrend in the price. It can give a positive breakout in the price in the future.BNB/BTC pair can also observe an upside correction in the upcoming days. Investor should do their due diligence before investing.

Technical Levels

Major Support:$250

Major Resistance:$450

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