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Binance Coin Price Analysis BNB / USD: Pulling Back

BNB Is attempting to set a new record, downwards.

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  • Binance Coin has fallen to its weakest trading level since March 2019
  • The daily frame shows that the $10.00 level is the likely bearish target.
  • The cryptocurrency has lost over sixty-five percent from its current yearly trading high.

Binance Coin remains under heavy downside pressure as the month of September ends, with the BNB / USD pair on course for a fourth consecutive month of trading losses. At current trading levels, the cryptocurrency trades down by over thirty-five percent on a monthly basis.

With the entire digital currency market in decline, the path of least resistance is still to the downside, with various time frames still indicating further double-digit losses ahead for the cryptocurrency.

The eight-largest cryptocurrency by market capitalization has eroded over sixty-five percent in value since its 2019 price peak, although it is still trading over one-hundred and fifty percent higher since the start of 2019.

A large head and shoulders pattern on the daily time frame was triggered at the end of August, further encouraging traders to short the BNB / USD pair. The daily time frame is currently suggesting the BNB / USD pair could fall as far as the $10.00 level.

The daily time frame also shows that a bearish death-cross is currently underway, while the RSI indicator on the daily time is now at its most oversold level since November 2018.

SIMETRI Profits of 919%
SIMETRI Profits of 919%

Bullish MACD price divergence created during the September 22nd to September 24th decline suggests that a strong upside rally could occur once the BNB / USD pair reaches its overall downside target.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Binance Coin is bearish, at 40.00 %, while the overall long-term sentiment towards the cryptocurrency is neutral, at 55.00%.

BNB H4 Chart September 30 by TradingView
BNB / USD H4 Chart by TradingView

Upside Potential

The four-hour time frame highlights a descending price channel, with the $15.50 level the top of the price channel. The mentioned time frame also shows that the cryptocurrency will need to reclaim the $17.00 level to reclaim its short-term bullish status.

The daily time frame highlights the $17.00 as a key resistance level, while the BNB / USD pair will need to move above the $26.60 level to turn technically bullish again.

BNB Daily Chart September 30 by TradingView
BNB / USD Daily Chart by TradingView

Downside Potential

The BNB / USD pair’s multi-month trading low, at $14.35, is currently the strongest form of short-term support, prior to the bottom-end of the descending price channel on the four-hour time frame, at $13.50.

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The daily time frame is currently showing that the recently triggered bearish head and shoulders pattern is nearing completion, with the $10.00 level the overall bearish target.


Summary

Binance Coin is still under tremendous downside pressure and looks set to post its fourth-straight month of losses.

The daily time frame strongly suggests that the BNB / USD pair may fall towards the $10.00 level before a sustainable upside recovery takes place.

Check out our coin guide for BNB to understand how it works.

We also conducted a deep analysis of the Binance Exchange token in our DARE.

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