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June 16, 2024
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Binance Coin Price Losing Momentum! Will The BNB Price Plunge Below $200 Soon?

The post Binance Coin Price Losing Momentum! Will The BNB Price Plunge Below $200 Soon? appeared first on Coinpedia Fintech News

The crypto verse experiences another negative trading day as the market loses momentum. Bitcoin price continues to trade below $27K, with Ethereum price below $1600, indicating the top coins to trade under a bearish influence.

CZ’s BNB price experiences the same faith as the coin is currently hovering close to its crucial support level. The Binance coin has been trading in a descending channel pattern since the start of October. Binance coin price has displayed massive price volatility since September. The BNB price has been constantly trading between $207 and $222.

Further, the coin recently broke down the support zone at $207, indicating a bear power in the market. The coin traded in a consolidated range of $207 as its resistance and $204 as its support level.

After trading within the range for about two days, the BNB coin recently lost momentum and attempted to break down the trend. However, the bulls are fighting hard to hold the price above the level as this level is essential for the coin.

The MACD has displayed an adverse price action since the start of the month, indicating a weak buying and selling power in the market. Further, the averages show a bearish convergence in the charts, suggesting the possibility of the BNB coin price losing value before attempting a rebound.

If the market experiences a trend reversal and the bulls come into power, the BNB price will gain momentum and retest its resistance zone at $207. Further, if the coin gains a bullish momentum, the price will continue to rise and test its upper resistance at $211.5 in the coming days.

On the contrary, if the bears continue dominating the market and the price continues to trade in the descending channel, the BNB coin price is set to record new yearly lows. Moreover, if the coin fails to hold its crucial support level of $204, then the Binance price is bound to test its lower level of $196 soon.

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