BNB (Binance Coin) Price Prediction and Long Term Support

BNB price declined recently and broke many supports above $10.00. Binance coin is now reaching long term supports and buy zone where buyers could take a stand.

During the past few weeks, there were heavy downsides in the cryptocurrency market. Bitcoin declined below the $7,000 support, Ethereum cleared $300 and Ripple tested the $0.2500 support zone. Binance coin also broke the $12.00 support and is currently approaching another long term support.

Key Points

• Binance coin is under pressure below the $12.00 support area against the US Dollar (Tethered).
• There is a major bearish trend line in place with resistance at $11.80 on the weekly chart of BNB/USDT.
• The price is now reaching a long support near $7.00-8.00 where buyers are likely to take a stand.

Binance Coin Price Analysis and Prediction (BNB to USDT)

After a huge rally above the $15.00 and $20.00 levels, binance coin topped near the $25.00 level. BNB started a downside move and broke many supports such as $20.00, $15.00 and $12.00.

Looking at the weekly chart, there was an intermediate recovery to $17.67. However, the price failed to gain momentum and declined below the $12.00 support. It also broke the 50% Fibonacci retracement level of the last wave from the $5.60 low to $17.67 high.

It seems like there is a major bearish trend line in place with resistance at $11.80 on the weekly chart of BNB/USDT. The pair is declining and is approaching towards a crucial support area near $7.00-8.00.

There are high chances of buyers taking a stand near the $7.00-8.00 support area. Moreover, the 76.4% Fibonacci retracement level of the last wave from the $5.60 low to $17.67 high is around $8.40.

Should there be a break $8.00 and $7.00, the price could even test the last swing low of $5.60. On the upside, the price has to push the price above the $11.00 and $11.40 resistance levels. Moreover, a proper close above the trend line resistance and $12.00 could open the doors for more gains.

Fundamentally, the Binance exchange stays strong and keep growing. Recently, the company’s CEO, tweeted about the pre-alpha demo of the Binance Decentralized Exchange (DEX). He showed listing and trading of tokens.

Overall, as long as binance coin (BNB) holds the stated support levels, it could slowly recover and move back above $12.00 and $15.00 in the next few months.