Binance Coin [BNB] Price Falls By 3% But Can The Bulls Defend $25.18 Support?

  • Binance Coin dropped by a small 3% over the past 24 hours of trading as the coin dropped toward the $25.36.
  • Despite the recent price fall, Binance Coin is still up by a total of 53% over the past 30-days of trading.

Binance Coin dropped by a small 3% after the cryptocurrency ran into resistance at the $26.64 level. It is currently trading at strong support provided at $25.18, however, it does seem like a deeper retracement will be on the way.

Binance Coin began the year beneath $14 as it continued to surge by a total of around 95% to reach the current trading price. The coin is most certainly bullish and would need to drop beneath $19 for the bull run to be invalidated.

Binance Coin Price Analysis

BNB/USD – Daily CHART – SHORT TERM

CG_bnbusd_feb14
BNB/USD – DAILY CHART – Source: TradingView

Market Overview

Taking a look at the daily chart above, we can clearly see Binance Coin rolling over at the $26.64 level. The cryptocurrency has now dropped into the support at $25.18 which is a very important level as it provided both strong resistance and support in April and July last year. 

Short term prediction: BULLISH

Looking ahead, if the bulls manage to defend the support at  $25.18 and rebound higher, the first level of resistance will lie at $26.64. Above this, higher resistance then lies at $28 and $29.10 (long term bearish .618 Fib Retracement level). 

If the bulls continue to drive up above the strong resistance at $30, additional resistance lies at $31.28, $31.79 (short term 1.414 Fib Extension), $32.45, and $33.74 (bearish .786 Fib Retracement).

On the other hand, if the sellers push beneath $25.18, the first level of support lies at $24. Beneath this, additional support is expected at $22.67, $21.74 (.382 Fib Retracement), $20.92, and $20.07 (.5 Fib Retracement).

The RSI has bulled back from overbought conditions which could suggest that the previous bullish momentum is fading. Additionally, the Stochastic RSI recently rolled over and produced a bearish crossover signal.

Key Levels

Support: $25.18, $24, $22.67, $22, $21.74, $20.92, $20.07, $18.39.

Resistance:$26.64, $28, $29.10, $30, $31.28, $31.79, $33.74..

Binance Coin [BNB] Price Falls By 3% But Can The Bulls Defend $25.18 Support?
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Binance Coin [BNB] Price Falls By 3% But Can The Bulls Defend $25.18 Support?
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Binance Coin dropped by a small 3% over the past 24 hours of trading as the coin dropped toward the $25.36.
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Author: Yaz Sheikh



Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.