BNB Price Analysis: BNB Token Moves In Downtrend, No Escape Above The Trendline

  • The BNB token price is holding tight to the 200-day EMA.
  • The pair of BNB/BTC trades at 0.009287 BTC with an intraday fall of -4.54%.
Source- tradingview

BNB Token price is trading below the 50-day EMA but hangs close to 200 and 20-day EMA support. Meanwhile, the resistance trendline of the descending triangle pushes the price lower.

The resistance trendline is a high supply area that has driven many bullish attempts at the BNB token prices.

The sloping EMAs indicate bearishness, and the closing of the 200-day EMA at 50 days implies a death crossing. A death cross could lead to a bearish breakout.

The recent bearish crossover between the 100-day EMA and 50-day EMA has increased the underlying bearishness of the price chart.

The BNB token currently trades at $298.98, with an intraday drop of 4.45% in the market cap. In addition, intraday trading volume has fallen by 6.87% due to increased selling.

No Bullish Escape For BNB Token Price

Source – tradingview

BNB token are heading lower and may reach the triangle’s support level. Furthermore, the probability of a bullish breakout has been reduced to almost zero by the increasing bearishness on the chart due to an increase in selling volume.

According to the pivot point standard, the coin price might find support around the $250-200 mark. However, if the bullish trend reverses, the opposition near the $400 mark may push the price back.

According to the 4-hour technical charts, the coin price trades below all critical EMAs. In addition, recent bearish crossovers have caused bearishness.

The RSI indicator, which is bearish, indicates a slow increase in the underlying bearishness. As the RSI line moves lower, it has a slight negative slope.

The ADX indicator suggests a sideways trend.

Conclusion: BNB Token’s price is in a bearish trend and could soon break out of the descending triangle. Investors should avoid speculation-based bullish entry and may experience a bearish breakout of 30%.

Support- $250 and $200

Resistance-$400

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