For the last two months of 2021, BNB price is trying to sustain above the $500 support. Going into 2022, however, the coin sellers took the lead and fell below this key support level. The bloodbath in the crypto market prompted more selling pressure and pushed the price down to the $427 mark.
Main technical points:
- BNB Coin sellers have engulfed the 200 EMA of the daily timeframe chart.
- The daily RSI has slipped into the oversold zone
- The 24-hour trading volume on Binance Coin (BNB) was $3.41 billion, showing a loss of 16.14%.
The source-Tradingview
Previously when we mentioned an article about Binance Coin, the pair struggled to sustain above the psychological $500 level. Furthermore, the technical chart shows a descending triangle pattern on the daily timeframe.
On January 5, an intense sell-off in the crypto markets caused a drop from the key support area. The coin chart shows four consecutive red candles, causing the price to drop 15.5%.
The Binance Coin bears have dropped the coin’s price below the 200 DMA, forecasting a downtrend. . Furthermore, the chart also shows that the 50 and 100 DMAs could soon provide a bearish crossover, inviting more sellers to sell the coin.
This daily Relative Strength Index (28) shows a sudden drop to the oversold zone, indicating selling pressure in the crypto market.
BNB price shows good sustainability below $450 mark
The source- Tradingview
The recent drop in BNB price broke significant support at $450. The coin price went through a one-day retest and today it flashed a new red next candle, indicating the level 2.7% loss for the day.
If the BNB price sustains below this level, the coin will drop to the psychological level of $400. The supertrend indicator emphasizes a steady downtrend in this lower timeframe chart.
Traditional pivot levels show a great confluence with the known chart level, providing an added advantage to later levels.
- Resistance: $460, $505
- Support Level: $392, $245