Over the last few days, Binance Coin (BNB) has had an eventful ride. The cryptocurrency market received a recent cash injection, which saw the prices of Bitcoin (BTC) and Ethereum (ETH) rise, and BNB’s price benefited from this trend. Bulls also provided the necessary support to help BNB’s price break through the $320, $335, and $340 levels. However, bears stepped in at around $350 to challenge BNB bulls over the last 48 hours. They were able to make their presence felt and stopped BNB’s bullish momentum in its tracks, resulting in BNB’s price establishing a high at around $352.
The 4-hour chart for BNB/USDT (Source: TradingView) shows that BNB’s price entered into a steep decline shortly after establishing its latest high, which continued over the past 48 hours. BNB’s price dropped back below the $340 level in this retracement on Monday afternoon, where it consolidated until the early hours of Tuesday morning. The altcoin’s price then attempted a recovery move and was able to reclaim a position back above the 9 EMA line on the 4-hour chart. However, the climax of this attempt was the resistance level at around $345.
BNB’s price then sought support from the 9 EMA line, but the support level was unable to withstand the overwhelming sell pressure. This resulted in a price drop of more than 6% over the last 24 hours, taking BNB’s price from an opening price of $343 yesterday morning to a closing price of $322 yesterday evening. Despite this significant decline, BNB’s price has since entered into a positive sequence over the last 8 hours, elevating the crypto’s price to $326.3 at press time according to CoinMarketCap. The weekly performance for the altcoin remains in the green at +2.27%.
It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
