Binance Coin Tests Key Support Level Amid Selling Pressure

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 6d ago

BNB-0.977%

MMT-6.406%

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Price Pullback: Binance Coin retreated to test a key support level near $730 this week, indicating persistent selling pressure and reflecting a weakening market sentiment.
Support and Resistance Shift: BNB's failure to hold above the historical high range of $690-$700 from 2021 has turned this area into active support rather than resistance, impacting short-term trading strategies.
Technical Indicator Signals: The relative strength index (RSI) has rolled over from mid-range levels, suggesting fading upside momentum without yet reaching extreme oversold conditions, indicating potential further downside risk for the market.
Potential Downside Risk: Analysts highlight an 80% drawdown risk due to the gap between current prices and lower historical support zones, suggesting that if BNB remains below the mid $700s to low $800s, it could lead to a larger downside projection toward the low $200s region.

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Technical Analysis for BNB

Technical Sentiment Analysis for BNB (BNB) As of , BNB (BNB) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BNB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, BNB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

BNB (BNB) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	268.931	419.495	568.641	719.205	868.351	1018.915	1168.061
Fibonacci	419.495	533.985	604.716	719.205	833.695	904.426	1018.915

About BNB

Launched in July 2017, Binance is the biggest cryptocurrency exchange globally based on daily trading volume. Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally. The idea behind Binance’s name is to show this new paradigm in global finance — Binary Finance, or Binance.Aside from being the largest cryptocurrency exchange globally, Binance has launched a whole ecosystem of functionalities for its users. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet and Research projects, which all employ the powers of blockchain technology to bring new-age finance to the world. BNB is an integral part of the successful functioning of many of the Binance sub-projects.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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