Binance Coin (BNB) Loses Key Support, Next Stop at $200?

• With many buyers wanting $200 BNB and the $270 support failing to hold, the BNB price is struggling.
• BNB price is below the 50-day and 200-day exponential moving averages. This negates BNB’s bullish price.
• If the price maintains its bearish structure, BNB price may retest $200.

Binance Coin (BNB) price has struggled to regain bullish strength against Tether (USDT) recently, but has been unable to do so as the price hits new fresh rock. Bitcoin (BTC) price fell from $19,000 to $18,100 as the Consumer Price Index (CPI) suggested an increase in inflation negatively impacting BTC’s price and Binance Coin (BNB) was not left out. , the crypto market faced new shortcomings. equation. (Data from Binance)

market situation

Marking a rebound of relief, crypto market capitalization appeared poised to return to highs in the hope that altcoins would join the party, with many altcoins experiencing price declines and This was cut short as many lost key support, increasing the risk of price falling. Bitcoin Dominance (BTC.D) continues to rise.

Binance Coin (BNB) price analysis on the weekly chart.

In the first week of October, many altcoins showed rally-level strength while others posted double-digit gains, coupled with the fact that BTC.D fell at that moment, price retrace Bitcoin did not have much impact during the ment. .

BNB price in recent weeks has been protecting the $270 area as price needs to maintain this critical support to avoid falling into the $245 and possibly $200 territory . After seeing BTC reject its price to the low of $18,200, BNB price followed suit as it fell sharply across the crypto market.

The price of BNB protecting this key support could cause the price to bounce back in the region. If the BNB price remains bearish, we can see the region turning into resistance.

BNB Price Weekly Resistance – $298.

Weekly support for BNB price – $270-$260.

BNB Price Analysis on Daily (1D) Chart

In the daily timeframe, BNB faced rejection at $298 as the price recently struggled to turn the region into support. The price remained below $298 before dropping to around $265.

BNB price is trading at $270 as it bounces back after falling to $265. BNB price is trading below the exponential moving averages (EMA) of 50 and 200 as the price needs to reverse these areas to be bullish for BNB.The $280 and $305 values ​​are , corresponding to the 50 EMA and 200 EMA as they act as resistance for the BNB price.

BNB price daily resistance – $290-$305.

BNB price daily support – $270.

Featured Image From zipmex, Charts From Tradingview