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

blockchart-cryptocurrency-binance-coin-blogBinance 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_feb14BNB/USD – DAILY CHART – Source: TradingView

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.

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..

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