Binance coin price started a sharp decline after the exchange lost 7,000 BTC (worth around $40M) in a major security breach. However, BNB remains buy on dips near $20.00 and $18.50.

  • Binance coin started a major downside correction after testing the $25.00 resistance.
  • There is a major bearish trend line forming with resistance near $22.70 on the 4-hours chart.
  • BNB price is likely to find a strong buying interest near $20.00 or $18.50.

Binance Coin Price

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Binance Coin Price Analysis (BNB to USD)

In a major security breach, Binance exchange lost 7,000 BTC (worth around $40M). It prompted a sharp decline in bitcoin, Ethereum, bitcoin cash, ripple, litecoin, binance coin, and a few other major altcoins. BNB price was down more than 7%, but BTC price managed to bounce back above pre-decline levels.

Binance Coin Price Analysis BNB Chart

Click to Enlarge Chart

Looking at the 4-hours chart of BNB/USD, the pair failed on two occasions to clear the key $25.00 and $25.30 resistance levels. A swing high was formed at $25.34 and the price started a major decline.

It settled below the $24.00 support and the 25 simple moving average (4-hours). Recently, the decline got momentum after the security breach news. The price fell more than 7% and broke the $22.00 support.

There was a clear break below the 76.4% Fib retracement level of the last wave from the $21.05 low to $25.34 high. It opened the doors for a push below the last swing low at $21.05.

BNB even spiked below the $20.00 support, plus the 1.236 Fib extension level of the last wave from the $21.05 low to $25.34 high. However, it was brought back sharply and the price is currently consolidating above $20.80.

On the downside, there are many supports near the $20.00 area. If there are further losses, the price could test the next major support near $18.50 and the 1.618 Fib extension level of the last wave from the $21.05 low to $25.34 high.

Overall, binance coin is likely to bounce back and the recent security breach is unlikely to impact the uptrend. As long as BNB price is above $20.00 and $18.50, it is could climb back above $22.00 and $23.50.

The market data in the USD is calculated by TradingView, Binance.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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