Chart by TradingView.
With buyers absent, BNB is struggling to hold above $200.
Key Support levels: $206, $180
Key Resistance levels: $220, $230
Binance Coin has not managed to move away from its key support just above $200. This is not ideal, as any new sell pressure could quickly test or even break this level. The price action also shows that sellers are having the upper hand right now.
The volume and momentum indicators show weakness and are bearish on the daily timeframe. Generally speaking, volume was always higher on the sell side and this is reflected both on the RSI and OBV which remain low.
The daily MACD just did a bearish cross, further confirming that sellers appear to dominate at this time. If buyers don’t return, then the key support at $206 is in danger.
The bias for BNB is bearish.
Prepare for another test of the key support at $206. If that breaks, then BNB’s price will likely move towards $180 next.
