- BNB coin is still declining after it faced rejection at $17.41
- The recent and heavy price plunge amid Coronavirus threat has taken the coin below $17
Binance Coin (BNB), like the whole crypto market, is witnessing an extremely gloomy phase due to Coronavirus impact. However, the majority of the coins have stopped declining further and are trading in a flattish manner.
Similarly, the Binance coin is consolidating after it went as low as $15.82 from $20 over around three days. The coin has already broken support levels at $18 and $17 and is still below those price levels.
Binance Coin Price Analysis
Yesterday, BNB coin tried to initiate an uptrend. However, after it escalated by 11%, it faced rejection there, and it couldn’t even hit the 38.20% Fib level. The following price pullback took the coin to $16.64 price level from where it bounced back to again resume the downward journey.
RSI, in the chart, is at 34, approaching the oversold zone with a negative bias while MACD has just formed a bearish crossover. The coin has been carrying a strong selling pressure for a week.
Moreover, the price trend of BNB coin is below its EMA line and is still moving away, noting further price loss. Meanwhile, its SMA lines are also showing a bearish picture though they are moving forward to have a bullish crossover. Still, an uptrend is yet to start for Binance coin.