Binance Coin (BNB) Suffered Sudden Price Fall Amid Market Chaos

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Ayush Malviyahttps://www.thecoinrepublic.com/
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.

 

  • BNB acquired negative divergence, bulls are running of strength. binance coin prices fall backs to the previous crucial resistance level of $12.
  • BNB/BTC pair is also performing negative with the loss of 0.93% bringing the level 0.00193211.

Biance1
Source:tradingview

BNB acquired negative divergence, bulls are running of strength. The 7-day weekly chart indicates that prices took a sharp negative divergence but support level of $10.75 performed well and saved the prices from their downward momentum.

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The price level of $10.75 is the key support  (BNB) needs to maintain but if they were not able to maintain a strong support level near $11.00 they won’t be able to maintain a gradual rise.

BNB’s current market capitalization is $1,858,226,887 USD with volume traded of $387,454,194 USD and circulative supply of 155,536,713 BNB.

Biance2
Source:tradingview

The technical chart indicates that there are sudden changes in the prices, as there are many fluctuations in it. After performing in the recent market, binance coin again exposed themselves to the bearish nature of the market.

Prices are showing that they are suffering sudden changes between bulls and bulls at the  price level of $12.00

MACD levels are showing that selling volume is about to catch up with the buying value, which is not a positive sign.

RSI takes a sharp negative divergence from the top of the buying region, indicating that there is a heavy decrease in the buying volume of the altcoin.

The same goes for the CCI level as prices fall gradually back to the normal region from the top of over buying region.

Resistance level: $ 14.05
Support level: $10.75

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