Binance coin suffers a drastic price drop of 3.3% over the past 24 hours, following Bitcoin’s movement while still trying to recuperate. The latest BNB price news will tell us a little more about the price movement.
Binance is among the biggest crypto exchanges in the world as it allows users to trade a plethora of cryptocurrencies with respectable volumes. Unlike other platforms, Binance remains intact during strong surges and major crashes. The exchange token, Binance Coin suffers a price drop following Bitcoin and is now trading at $16.70 with a market cap of $2.6 billion. Over the past 24-hours, the coin underwent a major drop of 3.3% but from the charts, we can see that there’s more to come.
BNB was forming higher highs since June 11 and even surged from $13 to $18. However, this ended right when BNB printed a new lower high at $17 and then continued printing new lows at $15.76. Furthermore, the drop was enforced as Bitcoin dropped yesterday from the previous $9,700 level to the $9,100 level but the Bitcoin dominance caused BNB to drop down as well. BNB witnessed a 9.31% drop but since then, the coin pumped by 6% and managed to push the price to $16.7 where it is currently standing still.
The current Binance coin positions are not quite favorable as it has to breach another resistance at $16.18. Assuming that BNB closes above the $16.18, it would be very bullish for the coin as there aren’t any stronger resistance levels above this point. In case of a failure to breach the resistance level, the price will drop to the initial resistance level of $16.22 and $15.22 If the sellers push through this phase, the token could even achieve the following targets: $15,25, $14,80, $14,44. These targets could mean an 8%-13% drop from the current BNB price.
The RSI has also seen a huge drop and a surge similar to the price. Since the RSI is a neutral territory, the BNB price could go both ways. Factoring in the correlation of other altcoins, BNB could be more bullish if the price of the number one cryptocurrency surges. However, this seems unlikely as Bitcoin is about to drop to $8000 levels.
The native digital asset of the cryptocurrency exchange Binance Coin (BNB) has seen a lot of ups and downs lately. However, the BNB social sentiment is something that is getting a hit lately, turning bearish and getting a lot of negative impulses
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