Binance coin price prediction: On December 16th, the BNB price gave a decisive breakdown from the multi-month support of $250-260. Losing this crucial support, the coin price is poised for the resumption of prevailing downfall. How far can the sellers tumble the Binance coin price?
Key points
- The $250 support breakdown sets a BNB price of 19% LOSS
- The daily-RSI slope entered the oversold region.
- The intraday trading volume in the BNB price is $1.39 Billion, indicating a 32.4% gain.
Here’s Why Binance Coin Wintnessed Sudden Downfall?
Amid the recent mayhem in the crypto market due to the FTX crypto exchange, Binance released its Proof-of-Reserves report in partnership with auditing firm Mazars Group. However, during the proof-of-reserves inspection of Binance’s bitcoin holdings, Mazars found that its Bitcoin reserves had been overcollateralized on a single day in late November. Furthermore, the report was later removed from Mazar’s official website, and they also temporarily suspended ties with several crypto firms, including Binance.
Thus, this sudden news caused uncertainty and fear among the market participants as they have recently gone through the FTX collapse. As a result, the crypto market fells in the past few days, and BNB coin witnessed heavy outflow. Thus, this altcoin registered an 18% loss since last week,
Bitcoin Price Prediction
Source- Tradingview
Over the past four, the Binance coin price obtained sufficient support from the $250-260 accumulation zone. The multiple reversals from this support indicated the buyers were aggressively defending this level.
However, amidst the recent downfall in BNB price, the sellers gave a massive breakdown from the $250-$260 support. The breakdown should accelerate the underlying bearish momentum and poise the prices for a deeper correction.
Today, BNB’s price currently trades at $236, with an intraday gain of 1.9. However, this current price jump could be a minor retest phase which should revisit the breached resistance.
If the altcoin shows sustainability below the $250 mark, the post-retest downfall may plunge the price 19% down to reach the $190 mark.
Conversely, the $215 horizontal level stands as significant support where the buyers could wrest for trend control.
Technical indicator
RSI indicator: this indicator reflects the strength of recent price action, and it is currently wavering at the oversold region. The RSI value of 28% reflects the traders have overextended the selling activity, which increases the possibility of a price jump to $250.
EMAs: the sideway EMAs(20, 50, 100, and 200) turning down indicate the sellers are in possession of the current price action.
- Resistance Levels: $250 and $300
- Support Levels: $215 and $190
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.
Source: https://coingape.com/markets/binance-coin-price-prediction-will-bnb-revisit-the-200-mark/