- Binance Coin is down by 5.20%, but the price action has remained tightly in a range-bound.
- The last three days price decrease has brought the bears in action as price looks for close support.
The Binance native cryptocurrency, Binance Coin is down by 5.20%, subjecting the market under the control of bear radar. BNB token has seen a significant price reduction over the past few days. The sellers anticipate lower levels as the price is likely to continue falling if the market keeps exhibiting weakness.
However, Binance Coin is trading in a range-bound since last month, and as we can see now, the market is approaching the channel’s lower boundary, where a bounce up is likely. A breach below the channel could establish a new monthly low for the market.
BNB’s Current Statistics
Trading Price: $26.6
Market Capitalization: $4,165,491,372
Trading Volume: $214,236,197
Key resistance levels: $28.4, $29.4, $30.5, $31.7
Key support levels: $26.1, $25.3, $24, $23
Binance Coin (BNB) Price Prediction for August 21, 2019
Binance Coin is bearish on the 4-hour time frame. Following the ongoing surge, the price of BNB has recently plunged to $26.1 before a small rise to where it’s currently changing hands at $26.62.
A further rally is likely at $26.1, $25.3 $24 with a possible new low at $23. As we can see on the 4-hour price chart, BNB volume has been drastically low over the past weeks, which shows the bears are gaining moment.
Taking a look at the market, the BNB token is yet to show a strong bear dominance on the long-term. But the short-term outlook looks bearishly strong. However, a bullish interception may set the next key resistance at $28.4, $29.4, $30.5 and $31.7, meeting the upper boundary. Nevertheless, we can expect a little rise before the rally continues.
Conclusively
As appeared on the 4-hour chart, BNB/USD pair has witnessed a consecutive three days bearish action after the mid-August recovery. If the sellers remain in the market, the price of Binance Coin will continue to drop significantly. Otherwise, the price will resume in the range-bound.
Technical Indicator Reading
The RSI for Binance Coin (BNB) has severely dropped and now facing the 30 level, although the level has held the last bearish scenario.
Stochastic RSI is currently in the oversold area. The price of BNB is likely to rise if we see a decisive climb.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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