BNB has remained below the $220 breakdown level in recent days, yet the bears have been unable to capitalize on their position.
The Binance Coin (BNB) struggled to maintain levels above $225 and saw a decrease in its gains against the US Dollar. There is a potential for a substantial decline if it falls below the $210 mark. BNB's price has been attempting a recovery towards the resistance zone at $235. While it did make some upward progress, it ultimately couldn't sustain those gains and failed to break through the $235 resistance level.
A new downtrend commenced from the $235 region. On the 4-hour chart of the BNB/USD pair, a significant bullish trend line was breached, which had support around $220. Similar to Bitcoin and Ethereum, BNB is displaying bearish indications below the $218 level and the 200-hourly simple moving average. The price established a bottom around $211.20 and is presently in a phase of consolidating its losses.
Looking at the positive side, there is notable resistance around the $217 mark. A decisive breakthrough above $217 could propel the price to even greater heights. The subsequent significant resistance level stands at approximately $225, and if surpassed, it could pave the way for further upward movement towards $235. If the price manages to close above the $235 resistance, it could potentially set the stage for a more substantial surge aiming for the $250 resistance level.
If BNB is unable to overcome the resistance at $217, there is a possibility of a renewed downward trend. Initially, it could find support around the $213 level. Beyond that, a significant support zone looms near the $210 mark. In the event of a breach below the $210 support, the price might decline further towards the $202 support level. Subsequent losses could potentially push the price down to the $188 support level.
CoinGabbar Price Analysis estimates that the market capitalization of this BNB is $33,014,392,768. The coin's 24-hour trading volume is around $342,262,143.
KEY LEVELS :
RESISTANCE LEVEL : $217-$220
SUPPORT LEVEL : $211-$206
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