Binance coin failed to break the $17.50 resistance and declined against the US Dollar. BNB/USD is currently holding a major support area near $13.50.
Key Talking Points
- Binance Coin price failed to break the $17.50 resistance area and declined sharply against the US Dollar.
- There is a new connecting bearish trend line in place with resistance at $14.50 on the 2-hours chart of BNB/USD (Data feed via Binance, price calculated by Trading view).
- The pair must stay above the $13.50 and $13.30 support levels to avoid more losses.
Binance Coin Price Forecast
In the last analysis, we discussed an important resistance near $17.50 in Binance coin price against the US Dollar. The BNB/USD pair attempted an upside break above $17.50, but buyers failed to gain momentum.
Looking at the chart, the price was clearly rejected from the $17.50 barrier. As a result, there was a sharp bearish reaction and the price tumbled below the $16.00 and $15.00 resistance levels.
It traded close to the $13.50 support zone and settled below the 100 simple moving average (2-hours). A new low was formed at $13.28 before buyers appeared. BNB price started an upward correction and moved above the 23.6% Fib retracement level of the last decline from the $17.45 high to $13.28 low.
However, there are many hurdles for buyers near the $15.00 level. More importantly, there is a new connecting bearish trend line in place with resistance at $14.50 on the 2-hours chart of BNB/USD.
The pair also faced sellers near the 38.2% Fib retracement level of the last decline from the $17.45 high to $13.28 low at $14.85. Therefore, it seems like the price needs to clear the $14.50 and $15.00 resistance levels to recover further in the near term.
On the downside, the $13.50 and $13.30 support levels hold a lot importance. Should binance coin price fails to hold the $13.50 support, there could be more declines towards the $12.00 level in the near term.
The market data is provided by TradingView.
