During the last two months of 2021, the BNB price was trying to sustain above the $500 support. However, entering 2022, the coin sellers took the lead and dropped the price below this crucial support. The bloodbath in the crypto market fueled more selling pressure and dumped the price to the $427 mark.
Key technical points:
- BNB Coin sellers engulfed the 200 EMA of the daily time frame chart.
- The daily RSI line has slipped into the oversold territory
- The 24-hour trading volume in the Binance Coin (BNB) is $3.41 billion, indicating a 16.14% loss.
Source-Tradingview
Previously when we covered an article on Binance Coin, this pair was struggling hard to sustain above the $500 psychological level. Moreover, the technical chart revealed a descending triangle pattern in the daily time frame.
On January 5th, the intense sell-off in the crypto market triggered a fallout from the crucial support. The coin chart showed four consecutive red candles, which caused a 15.5% loss in price value.
The Binance Coin bears dropped the coin price below the 200 DMA, projecting a bearish trend. . Moreover, the chart also shows the 50 and 100 DMA could soon provide a bearish crossover, inviting more sellers to this coin.
This daily Relative Strength Index (28) shows a sudden drop to the oversold region, revealing the selling pressure on the crypto market.
BNB Price Shows Good Sustainability Below The $450 Mark
Source- Tradingview
This recent downfall in the BNB price breached a significant support level of $450. The coin price went through a one-day retest phase, and today it flashes a new red follow-up candle, indicating a 2.7% intraday loss.
If BNB price sustains below this level, the coin would drop to the psychological level of $400. The supertrend indicator accentuates the steady downtrend in this lower time frame chart.
The traditional pivot levels display great confluence with the know chart level, providing an extra edge for the following levels.
- Resistance levels: $460, $505
- Support levels: $392, $245
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/binance-coin-price-analysis-bnb-price-loses-another-support-400-mark-closing-up/