EagleFX

Binance coin price declined steadily after it broke the $36.00 support area. BNB price is currently facing a lot of hurdles versus USDT, whereas there was a sharp increase in bitcoin price lately.

  • Binance coin price declined below the $34.30 support and recently tested $30.50.
  • There is a major bearish trend line forming with resistance near $33.00 on the 4-hours chart.
  • BNB price seems to be preparing for the next move either above $34.00 or below $30.00.

Binance Coin Price

Binance Coin Price Analysis (BNB to USDT)

After topping near the $40.00 level, binance coin price declined steadily. Bitcoin price climbed higher consistently, but BNB price failed to gain bullish momentum. Besides, other major altcoins, including Ethereum and ripple also struggled to start a strong upward move similar to BTC.

Binance Coin Price Analysis (BNB to USDT) Chart

Click to Enlarge Chart

Looking at the 4-hours chart of BNB/USDT, the pair settled below the $34.30 and $33.20 support levels to enter a bearish zone. There was even a close below the $33.00 level plus the 25 simple moving average (4-hours).

The price traded close to the $30.00-30.50 support area and the last swing low was formed near $30.56. It recently recovered above $32.50 and the 23.6% Fib retracement level of the last slide from the $38.00 high to $30.56 low.

However, the upward move was capped by the previous support near the $34.20 area. Moreover, the 50% Fib retracement level of the last slide from the $38.00 high to $30.56 low acted as a resistance.


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More importantly, there is a major bearish trend line forming with resistance near $33.00 on the same chart. Therefore, an upside break above the $33.00 level might increase the chances of a decent recovery in the near term.

The next key resistances are near $34.20 and $35.35. Conversely, if binance coin struggles to climb above $33.00, there could be a downside break. However, the bulls are likely to defend the $30.00-30.50 support area very strongly.

Having said that, if the bulls fail, there is a risk of a sharp decline in BNB price towards the $28.50 or $27.50 level.

The market data in the USDT by TradingView, Binance.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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