- Binance Coin dropped by a small 3% over the past 24 hours of trading as the coin dropped toward the $25.36.
- Despite the recent price fall, Binance Coin is still up by a total of 53% over the past 30-days of trading.
Binance Coin dropped by a small 3% after the cryptocurrency ran into resistance at the $26.64 level. It is currently trading at strong support provided at $25.18, however, it does seem like a deeper retracement will be on the way.
Binance Coin began the year beneath $14 as it continued to surge by a total of around 95% to reach the current trading price. The coin is most certainly bullish and would need to drop beneath $19 for the bull run to be invalidated.
Binance Coin Price Analysis
BNB/USD – Daily CHART – SHORT TERM
BNB/USD – DAILY CHART – Source: TradingView
Taking a look at the daily chart above, we can clearly see Binance Coin rolling over at the $26.64 level. The cryptocurrency has now dropped into the support at $25.18 which is a very important level as it provided both strong resistance and support in April and July last year.
Short term prediction: BULLISH
Looking ahead, if the bulls manage to defend the support at $25.18 and rebound higher, the first level of resistance will lie at $26.64. Above this, higher resistance then lies at $28 and $29.10 (long term bearish .618 Fib Retracement level).
If the bulls continue to drive up above the strong resistance at $30,