Binance Coin (BNB) was performing exceptionally well, initially in this year. Just then, the volatility in the global crypto market dropped in, which led the price of the coin to plunge rapidly.
Binance Coin Price Analysis
Analyzing the BNB/USD daily movement on the exchange of Binance, we see that the coin was trading above $30 at $32.34 and maintained a continual downswing after having recorded that. Around the mid of September, BNB price slid to trade at $23.42 just to fall below $20 and even $15 at $14.38. While the crypto market was all doomed in the previous month, BINANCE Coin managed to trade at $22.35 –marking the highest in the past 454 days.
Currently, the situation is such that the coin has been trading below the support price of $20 at $18.63, with solid selling pressure and has no grounded support from the daily moving averages.
Technical Indicators:
As per the Ichimoku Cloud and moving averages, the current price trend is below Kumo (Cloud), which forms a bearish zone around the current price area. Also, the price trend has remained below the cloud area to a major extent. Important to note that the BNB price even slid below the lagging span.
The 49-day moving average is providing subtle support at the current trading price, while 3-week, 9-day, and 200-day moving averages are above the price trend.
The conversion line and the 9-day moving average is above the current price trend and move adjacent to each other, also above the cloud KUMO.
Leading span 2/B remains below Leading Span 1/A, which forecasts the short-term bearishness that is prevailing at present.
