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Binance Coin Breaks Double Bottom at $230; Next Stop $200?

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on August 21, 2023 | 2 min
Updated on Sep 04, 2023
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  • BNB’s technical analysis reveals a breach of the critical double bottom support at 230, indicating the potential for further decline and a possible target at the subsequent support level of 205.
  • On the daily timeframe, the presence of bearish indicators such as the RSI, MACD, and EMA within the downtrend zone adds weight to the likelihood of continued downward movement.
  • BNB’s resistance at the 220 level poses a challenge; a successful breakthrough could trigger a recovery toward 230.

In a notable turn of events, Binance Coin (BNB) has experienced a significant breach of the double bottom formation that was previously established at the $230 level. This development has attracted considerable attention from market observers and participants alike, as it signifies a potential shift in the price trajectory of BNB. The breach of this key technical level has prompted discussions and speculations about the cryptocurrency’s next potential move.

Traders and investors are now closely monitoring the price action of Binance Coin to ascertain whether the downward momentum will persist and lead the cryptocurrency toward its next potential target: the critical psychological level of $200.

As the cryptocurrency market remains dynamic and subject to rapid fluctuations, the breaking of significant support levels can have cascading effects on market sentiment and trading strategies.

The journey ahead for Binance Coin holds implications not only for its own value but also for the broader cryptocurrency landscape.

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BNB/USD Price Chart
BNB/USD Price Chart – Source: Tradingview

Binance Cash Price Prediction: Technical Outlook

The current price of BNB is $214.92 USD, and the 24-hour trading volume stands at $314,522,084 USD. Our BNB to USD price is continuously updated in real-time. Over the past 24 hours, BNB has experienced a decrease of 0.72%. Presently ranked at #4 on CoinMarketCap, BNB holds a live market capitalization of $33,065,551,706 USD. The circulating supply comprises 153,851,723 BNB coins.

 

Examining the technical aspects of BNB, it is evident that the coin has breached a key double bottom support level at 230. This decline suggests a potential for further downsizing, possibly aiming for the subsequent support level at 205. Upon analyzing the daily timeframe, indicators such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Exponential Moving Averages (EMA) are residing within the bearish zone. These indicators collectively reinforce the likelihood of a continued downtrend.

 

Regarding resistance levels, BNB is facing a hurdle around the 220 mark. A successful breach of this resistance could pave the way for a potential recovery towards the 230 level. Conversely, should BNB remain below the 220 level, it might be advisable to consider a bearish stance, with a potential target at the 206 support level. This would be contingent upon maintaining a below-220 price position.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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