- BNB token setting at a crucial level of 200EMA and FIB 0.618
- The pair of BNB/BTC is trading at 0.007773BTC with a drop of 4.58%
- MACD showing bearish momentum and no sign of reversal yet
In the daily time frame, the BNB token is currently at a crucial level of $280, what makes this level more important is the presence of 200EMA and the Fibonacci level of 0.618 both will provide strong support to BNB.
A breakdown from this level will give enough boast for the price to reach $200.
There is also a death crossover of 20-50EMA. Getting a closing below the 200ema will be confirmation for traders to sell BNB
MACD showing strong red bars in the histogram, also no sign of reversal movement from MACD and signal line, indicating bearish moment is still strong
The 4-hr time frame chart of the BNB token shows the ongoing downtrend
In the 4-hr time frame chart, the BNB token shows formation on a small downtrend, this trendline will be the first resistance levels BNB token will face if the price tries to go higher, breaking of this trendline would an early indication of downtrend coming to end, though the main resistance would be $335-350 and breaking of that could indicate the trend reversal.
Also, the current formation of EMA indicates a downtrend, i.e 20EMA below 50EMA and 50EMA below 200 EMA, All these EMA will provide strong resistance when the price will move up.
About the RSI, which is at 25 indicating huge selling in the coin. Though a small bullish divergence is present in RSI in the 4-hr time frame, which should not be forgotten, the big picture still indicates the bears are in power.
Fundamental analysis of BNB token
BNB is the native coin of the Binance ecosystem. Binance is the largest cryptocurrency exchange in the world. With the use of new blockchain technology, Binance created its decentralized network, the Binance chain.
Like many other tokens, BNB is a utility token. BNB is the token used for all the transactions in the Binance ecosystem. It can be used for purposes like trade and pay fees in the Binance cryptocurrency exchange. Also, the user of Binance coin gets a discount in the transaction fees in the Binance network as an incentive, also used for booking travel arrangements, buying virtual gifts, used as collateral for loans on specific platforms, etc.
Conclusion- Based on the technical view the price has shown enough bearish signal for the price to move lower, closing below $280 support level traders can sell this with the desired qty for the target around $200.