The cryptocurrency market is slugging in recovery, except Bitcoin. Intense pressure continues to build on critical levels for major cryptocurrencies. In the recent month, amid the upside bias, BNB/USD suffered a massive blow at the $33.50 barrier. While it established stable support on pullbacks at $22. Binance Coin has since returned to re-attempt the yearly highs before hitting the $32 supply zone where big sellers pushed prices lower. Despite resisting the downside traction, bears have prevailed on BNB/USD beneath $29 although with underlying supports. The Binance Coin (BNB) an ERC-20 token, has emerged in popularity as a comparatively stable crypto diversification option backed by the strength of the Binance exchange. The token currently has a market cap of over $4.15 billion and is the 6th largest cryptographic asset. Binance concludes quarterly coin burn that saw $68 million which is estimated at 2.3 billion tokens wiped off its circulating supply. The latest coin burn impact was not significant as Binance Coin barely moved upwards from its current price level.
*In the recent month, amid the upside bias, BNB/USD suffered a massive blow at the $33.50 barrier
*Despite resisting the downside traction, bears have prevailed on BNB/USD beneath $29 although with underlying supports
*Binance concludes quarterly coin burn that saw $68 million which is estimated at 2.3 billion tokens wiped off its circulating supply
Resistance Levels: $33.54, $32.09, $30.00
Support Levels: $28.00, $27.00, $25.50
BNB/USD Daily Chart: Ranging
BNB/USD Daily Chart
In the prior session, the BNB/USD exchange rate reversed south from the $30 region. Given that token is pressured by the BNB burns which had a stronger immediate effect, some downside potential could likely prevail in the market. The price for Binance Coin could target the $27 mark. However solid support may emerge from the MA 50 to curtail the downside pressure.
In the meantime, note that the exchange rate could gain support at the $28 level before a further plunge. Thus, BNB could trade sideways against the US Dollar in the meantime and within the following trading session. In the event of an upside reversal, the $30 round number could act as a strong barrier before being able to re-challenge the yearly high at the $33.50 barrier.
BNB/USD 4-Hour Chart: Ranging
BNB/USD 4-Hour Chart
On the 4-hour time frame, Binance Coin may attempt to recover above the MA 200 at the $28 level after the cryptocurrency plunged beneath the MA 50 strong technical zone around the $30 area. BNB/USD bulls may soon start to attack towards the $30 level if the $28 support level holds the impending downside attack.
Short to medium term technical analysis shows that the BNB/USD pair is oversold in the near term and could reverse towards the $29/$30 levels. The BNB/USD pair is only bullish while trading above the $28 level, key resistance is found at the $30 and the $33.50 levels. If the BNB/USD pair trades below the $28 level, sellers may test the $27 and $25 support levels.
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