Binance Coin Price Analysis: Is The Coin Dead? What’s Next For BNB Price? – Coinpedia Fintech News


Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

The market continues to gain momentum and has started to stabilize as cryptocurrencies move sideways. On the other hand, CZ’s BNB token has been displaying a weak price action for over a month, forming speculation among investors about the future of the BNB coin?
The BNB price has been trading in a consolidated range since the start of September. Following the price dip, the coin started trading in a consolidated range of $211.5 and $218. The Binance coin further experienced another dip in mid-September, resulting in the coin breaking down through its support level and testing its support level of $200.
The market quickly gained momentum, and the BNB price bounced back above the $211.5 level and continued to gain value, after which it was rejected at $221.7, forming a resistance zone. The BNB coin plunged and dropped to $211.5. Further, the BNB token failed to hold the level, dipped below the level, and formed a new support zone at $207.
The Binance coin further gained momentum and started rising but got rejected again at the resistance zone of $221.7, resulting in the coin falling back toward its support level of $211.5. The coin is testing the support zone and is expected to break soon, which could result in either.
The MACD displays the declining red histogram close to its neutral level, indicating a possibility of a massive price action in the coming days. The chart further displays a possibility of a bullish convergence, which could result in the price gaining value soon.
If the bulls manage to gain power and push the price above its resistance level of $211.5, then the Binance coin will gain value and prepare itself to retest the resistance level of $221.7.
On the contrary, if the bears gain value and the price fails to hold its price above the level, the price will start trading under a bearish influence and test its support level of $204 soon.

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