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Binance Coin (BNB) struggles to hold support after flipping it into resistance against tether (USDT) as a bullish structure hits a rock. Despite showing a great bullish structure in recent weeks, the price of Binance Coin (BNB) has had a really quiet time as the market continues in a mist of mixed feelings regarding where the crypto market is headed. (Data from Binance)
Binance Coin (BNB) Token Price Analysis On The Weekly Chart
BNB saw a decline in its price from $650 to around $200, with an over 60% drop from its all-time high despite having good fundamentals. The price of BNB bounced off after touching a weekly low of $200, and the price rallied to $330, showing some great strength.
The price of BNB on the weekly chart formed an uptrend after bouncing from its weekly low with so much bullish sentiment as the price rallied to $330, where it faced a major weekly resistance to trend higher.
BNB’s price failed to break above this resistance on the weekly chart as the price was rejected but continued to respect the trendline support it has built in recent weeks after creating swing highs with good buy order volume.
The price of BNB is $276.1 on the weekly chart, trading a bit below the trendline support; if the price of BNB fails to hold this trendline support and the weekly price closes below this level or zone, we could see the price of BNB going its support level of $230.
For BNB’s price to maintain its bullish structure, the price of BNB needs to reclaim its trendline support and rally towards the resistance at $330, with good buy order volume for BNB.
Weekly resistance for the price of BNB – $330.
Weekly support for the price of BNB – $260.
Price Analysis Of BNB On The Daily (1D) Chart
The daily timeframe for BNB prices continues to weaken as the price broke out below the symmetric triangle BNB price has formed, losing its uptrend support on the daily timeframe.
The price of BNB needs to rally with good volume to assume its bullish structure in the daily chart as there are more sell orders for BNB presently.
On the daily timeframe, the price of BNB is currently trading at $276.1, as the price of BNB on the daily chart closed below the 50 and 200 Exponential Moving Average (EMA), acting as resistances for BNB price. The price of $285 and $317 corresponds to the resistance at 50 and 200 EMA for the price of BNB.
If the 50 EMA fails to be reclaimed by the BNB price, we could see the price retesting the support at $260 or lower.
The Relative Strength Index (RSI) for BNB is above 50 on the daily chart, indicating low buy order volume.
Daily resistance for the BNB price – $285-$317.
Daily support for the BNB price – $260-$230.
Featured Image From zipmex, Charts From Tradingview
