Binance Coin, much like every other altcoin in the market has tanked severely in the last 24 hour, shredding as much as 9% of its overall evaluation.
Despite the massive fall, BNB is still one of the largest gainers if we take a look at the monthly chart. BNB is still 63% up from its starting price in 2019, but that doesn’t give it any guarantees in the future.
As the market sentiment stands now, BNB is in a serious bearish zone, with bulls having to breach much more resistance levels rather than bears having to dip below supports.
As it stands right now, the BNB price is $29 per coin and is looking at resistance levels at $31.50 and above at $33 and $35.
$35 is the crucial resistance, should it be breached bulls will have a field day and potentially push the coin to as high as $38 before succumbing to bear pressure.
For the bears though, it’s going to be much simpler to fill their orders. Should the $28.50 support line break, BNB is poised to dip below $26 before BTC market dominance ends and altcoin season begins.
Regardless of what happens, the market is looking more towards a bearish sentiment in the short term rather than promising large consolidations in the within at least a week.