BNB Sharply Drops Below $25

Fibo Quantum

  • The price of Binance Coin (BNB) is maintaining a downward mode with a price cut of about 2.3% under 24-hours of trading.
  • Binance Coin has finally dropped below the $25 after holding the price in a squeeze.

Over the past 24-hour, Binance Coin has been quite stable around $25 due to the recent price stability in the entire crypto market, which now made most of the altcoins to hover around their monthly low. For the past few days now, BNB token has been subdued with choppy price actions

Just now, the BNB price saw a sharp price drop to $24, and as it appears, the price may continue to fall at the channel’s lower boundary before bouncing higher. Despite the past weeks of an ugly drop, Binance Coin remains the 6th largest cryptocurrency by market cap.

BNB’s Current Statistics

Trading Price: $24.5

Market Capitalization: $5,346,937,650

Trading Volume: $1,270,178,450

Key resistance levels: $25, $26, $27, $28

Key support levels: $23, $22, $21, $20

Binance Coin Price Prediction for August 28, 2019

Since the mid-year short opening, Binance Coin continues to correct in a downward range, although the price was caught in a squeeze. But now, the market has just seen a sharp fall. Now that the bears have resumed pressure, the BNB price may continue to roll at $22, $21 and $20 support level before we can see a rebound. Meanwhile, close support lies at $27.

BNBUSD, 4H Price Chart – August 28, 2019

However, if the bulls can regroup heavily, the price is likely to meet previous resistance at $25 before locating subsequent resistance at $26, $27, $28 and above. As of the time of writing, BNB is looking bearish across the higher time frame, showing the bears are still gaining dominance.

Conclusively

Now that the $25 price level has been eventually overcome, Binance Coin may witness an ugly price drop in the upcoming session, which might make the market test key potential support levels. However, we can expect BNB to continue falling until the buyers show up.

Technical Indicator Reading

The RSI has now dropped to the 30 level after witnessing a sudden bearish action. Binance Coin (BNB) may further drop to the oversold region.

The Stochastic RSI is turning back to the oversold area, showing that the bears are returning in the market.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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