Binance Coin (BNB) has suffered a four percent (4%) loss in its standing price. The downfall in price is a direct result of the ‘Bitcoin effect’. The recent decline of about eight percent (8%), that Bitcoin (BTC) has bee exposed to, is causing the altcoins to topple over from their standing positions.
The decline started with BNB moving below its fifty (50) day simple moving average (MA) for the third time. Although the fifty (50) day simple moving average (SMA) mark has been tested a couple of times before, BNB was not able to break above it. Hence, a bearish takeover is in effect.
Binance Coin price: Resistance / Support
Binance Coin price was not able to sustain above the twenty-seven dollars ($27.50) support mark. Things are relatively bullish with BNB going downwards. Support zones that will give the bulls some hope.
The first support mark lies around the twenty-six dollar mark ($26.202). If the BNB price does not recover from there then we can expect it to be pulled back at the twenty-five dollars ($25) support mark.
Below the twenty-five dollars support, mark-if things still do not start going upwards, BNB price can find support at twenty-four dollars ($24.1709).
Binance Coin price chart by Trading View
Finally, the next support level will be far off at eighteen dollars ($18.30). The region between twenty-four dollars ($24.179) and eighteen dollars ($18.30) might act as a consolidation region for BNB.
The topside seems to remain capped for Binance Coin price in the near future but if the bears give up on dragging BNB down, below the twenty-six ($26.202) dollars support or the twenty-four ($24.1709) dollars support mark.
After that, the only thing to do is to wait until the Binance Coin price goes above the fifty (50) day simple moving average (SMA). After that, a bearish takeover can then be legitimized for BNB.
