Binance Coin Price Prediction: On December 16, the BNB Price gave a decisive breakdown of the multi-month support of $250-260. By losing this crucial support, the price of the coin is poised for the resumption of the prevailing decline. How far can sellers drop the price of Binance Coin?
- $250 Support Breakout Sets BNB Price 19% LOSS
- The slope of the daily RSI entered the oversold region.
- The intraday trading volume on the BNB price is $1.39 billion, indicating a gain of 32.4%.
Why did Binance Coin take a flash crash?
Amid the recent chaos in the crypto market due to the FTX crypto exchange, Binance published its Proof of Reserves report in association with auditing firm Mazars Group. However, during the proof-of-reserves inspection of Binance’s bitcoin holdings, Mazars discovered that its Bitcoin reserves had been overcollateralized in a single day in late November. Furthermore, the report was later removed from the official Mazar website, and also temporarily suspended ties with various crypto companies, including Binance.
Therefore, this sudden news caused uncertainty and fear among market participants as they recently went through the FTX crash. As a result, the crypto market fell in recent days and the BNB coin witnessed a huge run. Thus, this altcoin recorded a loss of 18% since last week,
Bitcoin Price Prediction
Fountain- commercial view
Over the last four, the Binance coin price got enough support from the $250-260 accumulation zone. Multiple reversals from this support indicated that buyers were aggressively defending this level.
However, amid the recent slide in BNB price, sellers gave a massive breakdown of the $250-$260 support. The break should accelerate underlying bearish momentum and set prices up for a deeper correction.
Today, the BNB price is currently trading at $236, with an intraday gain of 1.9. However, this current price jump could be a minor testing phase that should review breached resistance.
If he altcoins shows sustainability below the $250 mark, the post-retest decline may push the price down 19% to reach the $190 mark.
Conversely, the $215 horizontal level stands out as significant support where buyers could fight for control of the trend.
RSI indicator: this indicator reflects the strength of recent price action and is currently oscillating in the oversold region. The RSI value The 28% increase reflects that traders have overextended selling activity, raising the possibility of a price jump to $250.
EMA: Sideways EMAs (20, 50, 100, and 200) going down indicate that sellers are in possession of the current price action.
- Resistance Levels: $250 and $300
- Support levels: $215 and $190
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.