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Binance Coin: Dangerous support of the $ 15?

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The crypto market continues to fall, following the behavior of Bitcoin. The current situation is negative, but not too negative. However, some cryptocurrencies have been quite affected, such is the case of Binance Coin, trying not to lose support at $ 15. If you are interested in knowing the future of BNB in ​​the next few days, stay to read this publication.

Binance Coin (BNB) Technical Analysis

Binance’s token is one of the best performing in recent years, and despite being born just 3 years ago, it is already positioned as the ninth largest cryptocurrency in the crypto ecosystem.

For the initial investors who still keep their currencies intact, they are having a nice return of over 9,000%. The good historical performance it has had is clear.

Its foundations are solid, and they are the cause of BNB being where it is. But this is not without its dangers, because even external factors can drag its price down, as today happens with the fall influenced by the dominance of Bitcoin.

Binance Coin short-term trend

Recent losses more than make clear the short-term trend of the BNB token.

A succession of ever-lowering highs dragged the Binance Coin’s price towards $ 15. And although it was rejected, today we see again the bears excited to continue the downtrend and effectively break that support.

The moving averages EMA of 8 and SMA of 18 days have been following the price in the succession of descending maximums, and functioning as dynamic resistances.

The 200-day SMA is also bearish, and will work as resistance in case the price goes up trying to break the barrier at $ 16.5.

Yesterday’s candle closed with a strong bearish body. This can be interpreted as the end of the retracement before a next fall.

Odds are in favor of a $ 14 search anytime soon.

Technical analysis of the daily chart BNB USDT. Source: TradingView
Technical analysis of the daily chart BNB USDT. Source: TradingView

Medium-term trend

The weekly candle chart indicates that the medium-term trend is still bullish, but heavily touched.

The 8-EMA and 18-week SMA moving averages are crossed to the upside, and functioning as dynamic supports. However, if the support at $ 15.35 is effectively traversed, these moving averages will go on to give bearish signals.

To resume the medium-term uptrend, the resistance at $ 17.5 must be broken. If it happens, the land will be cleared up to $ 24.

Binance coin analysis. Source: TradingView
Binance coin (BNB) analysis. Source: TradingView

Long-term trend

Despite the great performance that Binance Coin has had throughout its short history, the last 13 months it has remained on a downtrend, which does not allow the long-term view to be totally bullish, yet.

Resuming the uptrend of the BNB goes through the resistance at $ 20, which would also be the break of the 8-month EMA and 18-month SMA moving averages, currently crossed to the downside.

Markets move through momentum and pullback, and in the case of the exchange token, the momentum of the long-term trend is bullish; so, We may be seeing the end of the pullback before a major upward momentum, able to seek new all-time highs.

Technical analysis of the monthly BNB USDT chart. Source: TradingView
Technical analysis of the monthly BNB USDT chart. Source: TradingView

All our publications are informative in nature, so they should not be accepted as investment advice under any circumstances.



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