- BNB price forecast downtrend from $293 to $246.10 on Thursday’s trading session
- The 24-hour volume in BNB is at $2,302,690,053 with a 7.74% increase
- The BNB/BTC pair was trading at 0.004641 BTC with a loss of 0.50%
The 4-hour technical chart of Binance Coin price action forecasts a downtrend. According to pivot points, BNB’s critical support level is placed at $219.50. Whereas if it moves up, the key resistance level to watch is $293.60. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish engulfing candlestick pattern which represents bears are in control.
SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) intersects below the SMA-50 (white), which projects a bearish trend. The price is also way below SMA-100 (yellow). Investors may perceive a negative crossover in the SMA, and the price will also follow the negative trend.
RSI indicator (BEARISH), with a value of 39.10, indicates a sell signal in the coin. Moreover, Investors can see an upward slope from 31 to 39 in the index which represents a minor pullback in the asset’s price, and it may soar in future trading sessions.
Binance Coin Price Forecast Bears Are Hunting
Binance Coin price traded at $246.10 with a loss of 6.40% in the last 24-hour and 10.84% down in the weekly time-frame. Furthermore, BNB plunges from the resistance of $293.60. In contrast, the market capitalization stands at $38 billion. Technically, investors can perceive a negative crossover in SMA. Moreover, the price movement can be towards the support of $219.50 and may give a pullback upto the resistance of $293.60.
Resistance: $293.60
Support: $219.50
