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Binance Coin Struggles Below $220, Is It Time to Sell?

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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 28, 2023 | 2 min
Updated on Sep 03, 2023
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  • Binance Coin (BNB) currently navigates a lateral consolidation phase, with strong support near $205, while targeting a notable resistance at $219.
  • Technical indicators, particularly MACD and RSI, predominantly showcase bearish tendencies despite recent dips into oversold domains.
  • The $220 level emerges as crucial for BNB’s trajectory: an inability to surpass it may extend bearish trends towards $206 or $200, whereas breaching it could pave the way for a bullish swing towards the $230 mark.

Amid the dynamic cryptocurrency market landscape, Binance Coin (BNB) finds itself grappling with resistance below the $220 mark. As investors and traders alike dissect its recent performance patterns and project potential trajectories, the lingering question emerges: Is this the opportune moment to liquidate BNB holdings? Delving deeper into the coin’s fundamentals and market sentiment provides insights that might guide this crucial decision.

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

Binance Cash Price Prediction: Technical Outlook

Today’s Binance Coin (BNB) price stands at $216.38, having experienced a 24-hour trading volume of $343,575,701. Over the past day, BNB has seen a slight decline of 0.23%. Currently ranked #4 on CoinMarketCap, BNB boasts a live market capitalization of $33,290,506,672 USD and a circulating supply of 153,850,880 coins.

Upon meticulous technical scrutiny, Binance Coin (BNB) presently exhibits a lateral consolidation trajectory, firmly anchored at a support threshold near the $205 mark. Ascending aspirations for BNB gravitate towards an impending resistance pegged at $219, a point underscored by its correlation with the peak achieved on August 18th.

A thorough inspection of salient technical indicators, encompassing the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), elucidates that both remain entrenched in bearish territories. This inclination indicates that the bearish momentum may yet endure, notwithstanding a discernible bullish adjustment, attributed to recent ventures into oversold zones by these indicators. Such dynamics suggest that the current dip in BNB’s valuation might represent a transient bullish rectification rather than a comprehensive trend inversion. Hence, there remains a latent propensity for the continuation of BNB’s prevailing depreciative motion.

The pivotal nature of the $220 benchmark for BNB cannot be overstated. A failure to breach this landmark could augur an extended bearish momentum, potentially nudging the asset’s value towards the $206 mark, or potentially even gravitating towards the $200 milestone.

On the flip side, should BNB conquer the $220 demarcation, the ensuing objective is anticipated around the $230 echelon, signaling bullish potential. Given this context, astute observation of the $220 nexus becomes imperative, as it may unveil pivotal cues regarding BNB’s impending price trajectory.

Stay tuned for more updates!

author
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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