Binance Coin BNB Collapses 10% In 24-Hours: Analysis

The last three days were a source of a panic selling for Binance Coin BNB because of the latest recession in the whole cryptocurrency market. After this drops, Binance Coin in a couple of weeks lost about 30% as we are reading further in the following BNB price news.

Binance Coin price fell by 10.44% against the US Dollar in only less than 24 hours, while at the same time trading about $19 at the time of writing. The price experienced a fall below mid-term diagonal support. Binance Coin BNB fell below a psychologically important level of to .
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The most crucial thing here is that Binance Coin has fallen toa two-week support of the channel which indicates a potential retracement. If Binance Coin does not succeed in the retesting of the resistance area, a steep drop can trigger a huge dump. When we look at the 4-hour time frame, the BNB/USD pair is under a strong bearish radar with an ongoing huge sell. However, the bearish pressure should be exhausted any time now at the demand area of $18.3.

Binance Coin can recover from here, going back to $21.5 to reach the resistance zone before the bearishness is back. If the price grows over and breaks through the descending channel. Bit the critical resistance in this situation is the level of $23. If the selling pressure extends beyond $18.3 the support level that will follow is $17. Binance Coin is at this moment diminished by 6.15% against Bitcoin (BTC). After the newest price cuts, Binance Coin is now changing hands around 0.00207 Bitcoin level. The weekly short opening was a source of a big amount of FUD throughout the past days.

From a technical perspective, BNB/BTC pair is anticipated to recoil as soon as the price corrects to the huge demand area of 0.0020 Bitcoin level. Having into consideration the breakout in early February over the 7-month resistance line, the major correction is pretty healthy for the growth of this market. But it would be terrible if Bitcoin Coin drops under again. If Binance Coin succeeds in recoiling from the 0.0020 Bitcoin (BTC) level, the buyers will need to regain the resistance area of 0.0023 Bitcoin (BTC) before any confirmation of a short-term bullishness.