{"id":25288,"date":"2023-06-12T05:00:44","date_gmt":"2023-06-12T09:00:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25288"},"modified":"2023-06-12T05:00:44","modified_gmt":"2023-06-12T09:00:44","slug":"bnb-price-prediction-is-the-downtrend-just-getting-started","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/12\/bnb-price-prediction-is-the-downtrend-just-getting-started\/","title":{"rendered":"BNB Price Prediction: Is the Downtrend Just Getting Started?"},"content":{"rendered":"

BNB price (Binance coin) is down over 25% and trading below $250 against the US Dollar. The price could drop further toward the $200 support.<\/em><\/p>\n

Binance coin price is moving lower below the $250 support against the US Dollar.
\nThe price is now trading below $250 and the 100-day simple moving average.
\nThere is a key bearish trend line forming with resistance near $280 on the daily chart of the BNB\/USD pair (data source from Binance).
\nThe pair could accelerate further lower if it breaks the $220 support zone.<\/p>\n

BNB Price Continues To Bleed<\/h2>\n

In the past few days, BNB price saw a major decline from well above $280 against the US Dollar. The recent SEC lawsuit against Binance is not helping BNB. It is also putting bearish pressure on Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

The last major high was formed near $352 before the price declined heavily. There was a clear move below the $280 and $250 levels. The decline was such that the price tested the key $220 support zone. BNB price is now trading below $250 and the 100-day simple moving average.<\/p>\n

A low is formed near $221.2 and the price is now consolidating losses. On the upside, BNB is facing resistance near the $240 level. The first major resistance is near $250. It is close to the 23.6% Fib retracement level of the downward move from the $352 swing high to the $221 low.<\/p>\n\n

Source: BNBUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near $270. The main resistance is now near $280 or the trend line or the 50% Fib retracement level of the downward move from the $352 swing high to the $221 low. A clear move above the $280 resistance might start a steady increase. The next major resistance is near the $300 level, above which the price might rise toward the $325 resistance.<\/p>\n

More Losses?<\/h2>\n

If BNB fails to clear the $250 resistance, it could continue to move down. Initial support on the downside is near the $220 level.<\/p>\n

The next major support is near the $200 level. If there is a downside break below the $200 support, there could be an extended decline toward the $180 support. Any more losses could send the price toward the $164 support.<\/p>\n

Technical Indicators<\/p>\n

Daily MACD \u2013 The MACD for BNB\/USD is gaining pace in the bearish zone.<\/p>\n

Daily RSI (Relative Strength Index) \u2013 The RSI for BNB\/USD is currently below the 50 level.<\/p>\n

Major Support Levels \u2013 $220, $200, and $180.<\/p>\n

Major Resistance Levels \u2013 $240, $250, and $280.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

BNB price (Binance coin) is down over 25% and trading below $250 against the US Dollar. The price could drop further toward the $200 support.<\/em><\/p>\n

Binance coin price is moving lower below the $250 support against the US Dollar.
\nThe price is now trading below $250 and the 100-day simple moving average.
\nThere is a key bearish trend line forming with resistance near $280 on the daily chart of the BNB\/USD pair (data source from Binance).
\nThe pair could accelerate further lower if it breaks the $220 support zone.<\/p>\n

BNB Price Continues To Bleed<\/h2>\n

In the past few days, BNB price saw a major decline from well above $280 against the US Dollar. The recent SEC lawsuit against Binance is not helping BNB. It is also putting bearish pressure on Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

The last major high was formed near $352 before the price declined heavily. There was a clear move below the $280 and $250 levels. The decline was such that the price tested the key $220 support zone. BNB price is now trading below $250 and the 100-day simple moving average.<\/p>\n

A low is formed near $221.2 and the price is now consolidating losses. On the upside, BNB is facing resistance near the $240 level. The first major resistance is near $250. It is close to the 23.6% Fib retracement level of the downward move from the $352 swing high to the $221 low.<\/p>\n

Source: BNBUSD on TradingView.com<\/a><\/p>\n

The next major resistance is near $270. The main resistance is now near $280 or the trend line or the 50% Fib retracement level of the downward move from the $352 swing high to the $221 low. A clear move above the $280 resistance might start a steady increase. The next major resistance is near the $300 level, above which the price might rise toward the $325 resistance.<\/p>\n

More Losses?<\/h2>\n

If BNB fails to clear the $250 resistance, it could continue to move down. Initial support on the downside is near the $220 level.<\/p>\n

The next major support is near the $200 level. If there is a downside break below the $200 support, there could be an extended decline toward the $180 support. Any more losses could send the price toward the $164 support.<\/p>\n

Technical Indicators<\/p>\n

Daily MACD \u2013 The MACD for BNB\/USD is gaining pace in the bearish zone.<\/p>\n

Daily RSI (Relative Strength Index) \u2013 The RSI for BNB\/USD is currently below the 50 level.<\/p>\n

Major Support Levels \u2013 $220, $200, and $180.<\/p>\n

Major Resistance Levels \u2013 $240, $250, and $280.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25288","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25288"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25288\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25288"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}