Binance Coin Price Analysis: BNB Turns Active After Rejection at $23

• The latest price action has made Binance Coin trade at $22, amounting to 1.74% price gain.
• BNB appeared to have finished retracement to the channel’s upper boundary as bears resume surge.

The sudden price drop of Bitcoin made the entire crypto market to witness a notable fall recently, plunging price to close support levels. This includes Binance Coin which has currently seen a slight but sharp price cut to around $21 before drawing back to $22 at the moment. Following the last 24-hours quick recovery, BNB is currently correcting gain at 1.74%. However, the 7th most-traded cryptocurrency is looking bearish on a medium-term trend.

Current Statistics of BNB

Trading price: 22 USD

Market Capitalization: $3,495,197,695

Trading Volume: $3,495,197,695

Key resistance levels: $23, $24, $25

Key support levels: $21, $20, $19

Binance Coin (BNB) Price Analysis September 7, 2019

On the 4-hour time frame, Binance Coin is on the downside with a descending channel pattern, shaping from early August. Following the $23 price rejection today, BNB token may slip to the $21and $20 support if the selling pressure remains heavy. A break below these support levels might further drop the price at $19 and below, meeting the channel’s lower boundary.

However, a bullish regroup may rise the cryptocurrency back to the surge level at $23 before climbing to $24 resistances. A break above the upper boundary of the channel might lead the market to a bullish run, testing $25. Nevertheless, Binance Coin is maintaining a medium-term bearish outlook over the last few weeks.

Conclusively

Following the ongoing selling pressure, the price of BNB has suffered loss since late July, marking short-term support at around $21. However, if the price manages to drop below the $20, Binance Coin will witness a significant loss in price.

Technical Indicator Reading for BNB

Binance Coin (BNB)’s RSI has managed to jump back above the 50 level after a slight fall, although it still looks bearish on the 4-hour time frame.

The Stochastic RSI has shown a sign of weakness as a result of the selling pressure in the market; a possible bear continuation is likely to play out.

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.