Altcoin Thursday: Binance Coin


06 January 2022 | ZebPay Trade-Desk

Binance Coin (BNB) has plummeted significantly from $669.30, indicating that bears are aggressively defending the all-time high at $691.80. The asset has fallen by 11% week on week, and currently has a market capitalization of $78bn and a dominance of 3.9%. After BNB broke a crucial support at $500, the asset plunged, and bears seem to be in control right now.

At the time of writing, BNB is trading at $462.5

BNB was trading in a downtrend over the past month. The asset was taking multiple support around $500 and gave a relief rally. However, it resisted at the descending trendline and started consolidating. BNB broke the crucial support of $500 and witnessed a sharp fall and made a low of $457. The asset has strong support at $448. If it breaks this support then we can expect the prices to further slide to the $400 mark.

Support 2Support 1AssetResistance 1Resistance 2

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