Binance Coin Tests Critical Support Level-Heads Down Towards $12

Binance Coin tests a new support level after the 3.20 price decline over the past 24 hours and it is currently trading at around $15.08. BNB suffered a lot over the past month after falling below $22 and lost more than 31 percent as we are about to read in the coming altcoin news today.

Over the past three months, Binance Coin had lost about 55 percent of its value and if it manages to break beneath the $14.50 support, we could see the coin heading towards $12. Since the previous analysis, BNB rebounded from the support at $14.62 but it was unable to go above $16. The altcoin rolled-over and tried to re-test the support at $14.65. Looking at the cryptocurrency from above, the nearest level of resistance lies at $15.54 and $16.00 but above the last level, the higher resistance is expected at $16.72, $17,30 and $19. Looking at BNB from below, the nearest level of support lies at $14.65 and if the sellers break beneath this we will be headed to a much lower level. Beneath the $14.65, a level of $14 and $13.50 is expected. The lower support is located at $12.17 and $12.00. The trading volume of the cryptocurrency remains at the average level for the past few months.

The RSI indicator plummeted to an oversold territory which shows that the sellers are now in complete control over the market momentum and the stochastic RSI is also in the oversold territory which shows that it is primed for a bullish crossover signal, expected to push the market higher. Against Bitcoin, Binance coin tests the support at 0.00185 BTC. BNB managed to rebound at this stage but failed to make any movements above the 0.0019 BTC. BNB was then trapped within a steep descending price channel and looking at it from above, the nearest channel for the past few months, the higher resistance level lies at 0.001988.

As per the cryptocurrency news today, we can see that the nearest level of support lies at 0.00185 BTC and below this, the support lies at the lower boundary of the descending trading channel of around 0.001815 BTC. Lower support is found at 0.0017588 BTC. The trading volume remains at an average level.