BNB Price Analysis: BNB Plunge -1.73%, How Low Will It Drop?


  • BNB/USD is confronted with resistance level of R1 at 280.33 dollars.
  • Bears control BNB’s current price actions.
  • BNB shows bearish momentum over the weekend.
  • The $248.24 support level for BNB/USD is really strong.

07 December 2022 : In this article we will walk you through BNB price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for BNB, Is BNB a good investment? BNB support & resistance levels etc. But before diving deep into the BNB technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $840,518,462,168. The total trading volume stands at $38,753,360,477. Bitcoin shares 38.55 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $16,850.24 level after a decline of -0.86%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -2.01 percent reaching to $1,229.71 during the previous 24 hours.
While publishing this blog, BNB traded at $283.98, following a price change of -1.73%within the same time frame. XRP the native coin of XRP is down by -1.82 and currently trading at $0.38. Additionally, Dogecoin reached $0.096 after seeing a decline of -3.87% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

BNB Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of BNB (BNB)

BNB Resistance Levels BNB Support Levels
Resistance Level 1 $280.33 Support Level 1 $260.13
Resistance Level 2 $288.64 Support Level 2 $248.24
Resistance Level 3 $300.53 Support Level 3 $239.93

BNB Performance

BNB has recorded a downtrend, losing -1.73% in last 24 hours. The current value of BNB is hovering at $283.98 with the trading volume of $773,862,607.00 USD in the same timeframe. The overall marketcap for BNB is $45,428,111,292.00 USD while the coin price changes -5.39% over the week.

BNB Price Analysis

BNB price analysis for 07 December 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the BNB.

Moving Averages Price Indicator
Simple Moving Average (10) 272.56 Buy
Exponential Moving Average (10) 273.09 Buy
Simple Moving Average (20) 279.28 Buy
Exponential Moving Average (20) 278.92 Buy
Simple Moving Average (50) 278.39 Buy
Exponential Moving Average (50) 278.28 Buy

The Relative strength index (RSI) for BNB Coin is currently hovering at 25 for 14-days average line, which means BNB is in oversold zone and a trend reversal is possible. BNB successfully breaks its first resistance level of $280.33. Now BNB has a nearest resistance of $288.64. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the upper resistance placed at $300.53. The BNB/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While BNB’s Williams %R indicator is at -54.196 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

The value of BNB is continuously dumping but it is expected that support levels at $260.13 and $248.24 will act as crucial points and bounce the trend line in the bullish zone