- Binance Coin price slides over 5.0%, hitting a two-week low to poke multi-week support.
- Downbeat RSI and MACD signals join 50-day EMA breakdown to lure BNB sellers.
- 100-day and 200-day EMAs can challenge Binance Coin sellers before giving them control.
- BNB rebound remains elusive as long as price stays beneath $1,125.
Binance Coin (BNB) faces the biggest daily slump since October 17 amid broad crypto market sell-off early Monday, down over 5.0% intraday to $1,024 by press time.
Alongside the overall selling pressure, the BNB’s latest fall also justifies a downside break of the 50-day Exponential Moving Average (EMA) to hit a two-week low.
Furthermore, strong trading volume and a fall in the market capitalization (market cap) adds strength to the altcoin’s downside bias. According to Santiment, the BNB’s daily trading volume jumps to a three-day high of $2.71 billion, while the market cap slides to a five-week low of $141.81 billion by press time.
Additionally, bearish signals from the Moving Average Convergence Divergence (MACD) and the 14-day Relative Strength Index (RSI) momentum indicators also keep the BNB sellers hopeful.
Still, the Binance Coin’s daily closing beneath an upward-sloping trendline from June 22, close to $1,030 by press time, becomes necessary to reject its four-month uptrend and challenge broad bullish bias.
Binance Coin Price: Daily Chart Points to Further Weakness
Binance Coin extends downside break of the 50-day EMA amid bearish MACD signals and a softer RSI, but not oversold, as it pokes a 19-week-old rising support line surrounding $1,030.
The same joins the broad crypto market sell-off to suggest the BNB’s imminent fall beneath the key $1,030 support, allowing sellers to aim for the $990-$986.00 support confluence, including the 100-day EMA and 50% Fibonacci retracement of June-October upside.
However, the 61.8% Fibonacci ratio of $898.00, also known as the “Golden Fibonacci Ratio”, and the 200-day EMA of $873.00, act as the final line of defense for the Binance Coin buyers before giving control to the bears.
On the flip side, the BNB’s failure to provide a daily closing beneath the $1,030 support needs a run-up beyond the 50-day EMA hurdle of $1,072 to convince short-term sellers.
Even so, a downward-sloping resistance line from early October, around $1,125, can challenge the altcoin’s recovery.
Beyond that, the 23.6% Fibonacci ratio near $1,195 and the $1,200 threshold, as well as a three-week horizontal resistance near $1,320-$1,330, will flash on Binance Coin buyer’s radar.
Binance Coin Price: Four-Hour Chart Signals Bearish Bias
Binance Coin looks more bearish on the four-hour chart as it extends late October break beneath the 200-bar EMA and a two-month support, now resistance. Also the MACD signals are comparatively more bearish than the daily chart as the quote breaks beneath the 61.8% Fibonacci retracement of its September-October upside.
However, the oversold RSI line, beneath the 30.00 threshold, could join the $1,000 threshold, to restrict the quote’s short-term downside before the 78.6% Fibonacci ratio of $958.00 and the daily chart’s deeper levels.
Alternatively, the 61.8% Fibonacci retracement level of $1,047 and late September swing high near $1,087 may test the BNB buyers before directing them to the higher levels discussed on the daily chart.
Conclusion
Binance Coin’s (BNB) latest weakness justifies the downside break of the 50-day EMA and a short-term support break, as well as bearish momentum indicators. This increases the odds of witnessing the BNB’s further fall towards the key daily EMAs. However, a reversal of the Binance Coin’s broad bullish trend, following a four-month uptrend, looks unlikely as long as the prices stay beyond the 200-day EMA.
