The cryptocurrency markets have seen a turbulent couple of days after Bitcoin plummeted beneath its 3-month consolidation pattern, dropping as low as $8,345 and dragging the rest of the cryptocurrency market down with it. Binance Coin has suffered significantly after decreasing by a total of 30% over the past 7 days.
BNB fell by another18% today and it currently sits at around $15.48. The market is trading at some strong support, but the magnitude of the recent move is hard to ignore and may cause BNB to head lower toward $10.
BNB is the eighth-largest cryptocurrency with a market cap of $2.43 billion.
Looking at the BNB/USD 1-Day Chart:
- Since our previous BNB analysis, the cryptocurrency collapsed beneath the support at $20 and continued to plummet below support at $18.16 and $16.72 until reaching $14.62. BNB has rebounded from here as it now rests at support around $15.54, provided by the .786 Fibonacci Retracement level.
- From above: Initial resistance lies at $16.00 and $16.72. If the bulls can break above $17.00, higher resistance is found at $17.30, $18.00, $18.16, $18.84, $19.80, and $20.
- From below: Beneath $15, the nearest level of support lies at $14.62. Lower support can be expected at $14.00, $13.50, $13.00, $12.59 (.886 Fibonacci Retracement), and $10.94 (downside 1.414 Fib Extension). If the bears drop the price beneath $10, strong support can be found at $9.20.
- The trading volume has seen a large increase during this latest round of selling.
- Unsurprisingly, both the RSI and the Stochastic RSI are extremely oversold which could suggest that this move may be a little overextended.
Looking at the BNB/BTC 1-Day Chart:
- Against Bitcoin, BNB plummeted beneath the 0.001988 BTC support and continued to fall until reaching support at 0.0018537 BTC, provided by the downside 1.272 Fib Extension. This latest drop has now caused BNB to fall beneath the long term descending price channel.
- From above: The nearest level of resistance lies at 0.0019 BTC and 0.001988 BTC. Above 0.002 BTC, resistance lies at 0.00205 BTC, 0.002103 BTC, and 0.0021939 BTC.
- From below: The nearest level of support lies at 0.0018537 BTC. Beneath this, support is found at 0.0018 BTC, 0.0017588 BTC, 0.0017 BTC, 0.001662 BTC, and 0.001615 BTC (downside 1.618 Fib Extension).
- The trading volume has also increased in the latest selling.
- The RSI is oversold, but not extremely, which suggests there is room to head lower still.
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