BNB/USD Price Could Test $250 Support

The Binance Coin price prediction is currently facing a serious decline after being rejected at a $291 resistance level.

Binance Coin Prediction Statistics Data:

• Binance Coin price now – $274.4
• Binance Coin market cap – $44.1 billion
• Binance Coin circulating supply – 159.9 million
• Binance Coin total supply – 159.9 million
• Binance Coin Coinmarketcap ranking – #5

BNB/USD Market

Key Levels:

Resistance levels: $330, $340, $350

Support levels: $240, $230, $220

BNB/USD is now moving towards the south as the price failed to break above the 9-day and 21-day moving averages. Looking at the daily chart, Binance Coin (BNB) shows that the price is still moving within the channel, though the price may need to retreat a little bit before heading to the upside.

Binance Coin Price Prediction: Binance Coin Price May Break into the Downside

The Binance Coin price remains below the 9-day and 21-day moving averages, therefore, should buyers manage to power the market and push the coin above the moving averages; they may likely find resistance levels of $330, $340, and $350. Nevertheless, bulls need to hold the current level of $275 to begin an upward movement.

However, if the market experience more drops, it could hit the nearest support at $250 and a further drop below the lower boundary of the channel could pull the market to the support levels of $240, $230, and $220 respectively. Therefore, the technical indicator Relative Strength Index (14) is likely to cross below the 40-level, indicating more bearish signals in the nearest term.

Against Bitcoin, the Binance price is moving to the downside as the price crosses below the 9-day moving average. Moreover, Binance Coin bears are likely to drag the price towards the lower boundary of the channel, any further bearish movement could take the coin to the support level of 1500 SAT and below.

Looking at the technical indicator, the Relative Strength Index (14) appears that bears could put pressure on the bulls as the signal crosses below the 60-level. In other words, if the bulls can regroup and halt the downward movement, the Binance Coin price may begin an uptrend and cross above the upper boundary of the channel to reach the resistance level of 1850 SAT and above.

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