BNB Crashes to $292 Level after strong bullish fight around $300

Bitcoin Cash (BCH) has been on the winning side for two days now, rallying from the deep support of $300 on Sunday to $305 and $296 at the time I am writing this post, respectively. That’s $10+ in gains in just 24 hours. I highlighted the $292.9 level in my previous blog post, and it appears that the cryptocurrency is ready to test it again.

BitBay, a cryptocurrency and payment processor, is crashing after hitting a new all-time high at $292.

After a strong bullish fight around $300, the Bitcoin price has finally dumped to a new low $292 level. This is the lowest Bitcoin price at which the Binance Coin has been listed on Read more about will bnb hit $1,000 and let us know what you think.

Summary of the situation

  • At the time of writing, the coin is trading at $292 on Binance.
  • Binance opened daily trading at $295 against the US dollar.
  • BNB went from a low of $270 on the 5-day chart to a high of $315 yesterday.

Binance currency price analysis: Price Overview

Today’s coin price analysis on Binance is somewhat bearish after seeing a bounce towards $315 towards the end of yesterday’s Asian session. The term something because the downtrend line is a continuation of sellers’ attempts to tear up the stack after BNB climbed from a low of $270 on the 5-day chart to yesterday’s high of $315.

Unfortunately, the bulls failed to hold the uptrend and missed the 20-day exponential moving average target by 5 pips.  The uptrend suggests bullish optimism, as evidenced by higher highs and a move above the 50-day simple moving average at $383. Meanwhile, the RSI hovered between neutral and overbought territory for most of the 24-hour chart.

The convergence of the moving averages has also marked a bearish cross on the 4-hour chart – bulls expect price to break above the neckline of the H&S (head and shoulders) pattern, which formed after the Binance coin made a two-day high. If price manages to break out, all bearish forces should be extinguished and price will consolidate near critical support at $307.

Binance currency price movements over the past 24 hours

Binance opened the daily trading chart at $295 against the US dollar. The currency was rejected at $300 on the 1-hour chart and fell sharply to $293. The volatility on the daily chart is quite low, the difference between the intraday high of $303 and the intraday low of $291 is 11 pips. The bulls offered strong resistance to the bears around $300, before succumbing to selling pressure and losing -1.72% in the afternoon session.  There is a lot of buying activity around $294, suggesting that this price level is an important accumulation point. This level is also the main support where the bulls have consolidated their upward momentum on their way to the next target at $300.

Source: TradingView

4 Hourly Price Chart from BinanceCurrency

At the time of writing, the coin is trading on Binance at $293. The 4 hour price chart is bearish for this Binace Coins price analysis. Meanwhile, the bulls are trying to reverse the downtrend and recapture the 20-day exponential moving average at $320. Last week’s low is at $264, which is the next likely target for the bears. Such a decline could lift the bullish strength in the $295 – $300 zone and extend the downtrend to the lower levels around $120.

Source: TradingView

BNB Crashes to $292 Level after strong bullish fight around $300

Conclusion of Binance coin price analysis

The Binance coin could be in a bid to build a new support between $295 and $300, due to the bearish weakness that has hit the market in recent weeks. All markets are showing signs of recovery, but tighter regulation could slow it down.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.BNB (Binance Coin) is a coin that is based on Ethereum’s code and was created by Binance, the largest cryptocurrency exchange. Binance was initially called just ‘Binance Coin’ (BNB), but it later changed its name to ‘Binance Chain’. As the coin is based on Ethereum’s code, BNB’s price is also affected by Ethereum’s price.. Read more about bnb support levels and let us know what you think.

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