Binance Coin (BNB) Price Analysis – June 25
Binance markets have experienced a price decrease over the past few days, dropping the market to a current price at $36.45 (0.0032BTC) with a 1.63% loss in the last 24-hours. The token will continue to fall if the sellers continue to gain dominance. As of now, the cryptocurrency holds a market cap valuation of $5.1 billion.
Resistance levels: $40, $42
Support levels: $30, $28
Binance Coin has now seen a short-term retracement after marking a new high at $40 on its native exchange, Binance, On June 22. Looking at the chart, it is obvious that volatility is high from the bear sides as the market continues to fall. As of the time of writing, BNB token currently trades at around $36. If bears continue the drop, the market may drop to the $32 support. Beneath the mentioned support lies $30.
The 4-hours RSI has turned bearish as the market now points at the oversold territory. In case of a bullish move, the market is likely to visit the previous resistance at $40 before witnessing a new high, possibly around $42. Nonetheless, the BNB/USD pair is still playing bearish at the moment
The past two weeks have been a bearish scenario for the BNB/BTC pair as the market continues to fall. Today, the token saw a new weekly low around the 0.0031BTC before returning to the current price level at 0.003179BTC. At this point, we can conclude that the bears have gained control of the market over the past week.
Selling pressure is likely to meet important support at 0.003BTC. If the pressure remains strong, BNB price might further make bottom at the 0.0028BTC support. As revealed on the 4-hours RSI indicator, the crypto-asset is extremely trading at the oversold region. If we see an upward movement, the market may rebound to the 0.0033BTC and 0.0035BTC resistance.
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