BNB Under Pressure As Price Plummets Below $290

On May 14, 2022

The Binance Coin price prediction eyes $285 support to gain momentum to overcome resistance at the $300 level.

BNB/USD Market

Key Levels:

Resistance levels: $350, $370, $390

Support levels: $230, $210, $190

BNBUSD – Daily Chart

BNB/USD has been facing the downside as the coin heads to cross below the lower boundary of the channel. Before the sideways trading, the Binance Coin touches the resistance level of $298 with the generally bullish market during the European session as the coin retreats below the opening price of $290.2.

Binance Coin Price Prediction: Would BNB Price Move Higher?

The Binance Coin is trading at $287.3 amid losses below the 9-day and 21-day moving averages in the daily chart. At the time of writing, the drop is likely to be consistent as the technical indicator Relative Strength Index (14) emphasizes the declines trending lower below 35-level. The nearest support at $250 is likely to hold despite the strong arm of the bears while sideways trading could also take precedence based on the technical indicator.

However, to come out of the resistance range under $300, BNB/USD must pull toward $320 and focus on taking down higher hurdles at $350, $370, and $390. Nevertheless, if the bullish push failed and $270 support comes to focus, expect more support at $250 below the lower boundary of the channel, and any further support levels could be located at $230, $210, and $190.

BNB/BTC Market: Consolidating to the Downside

Against Bitcoin, the recent price decline places the Binance Coin below the 9-day and 21-day moving averages. However, the 0.009 BTC and below could provide a support level for the next selling pressure as the Relative Strength Index (14) moves below 50-level.

Meanwhile, after touching the daily high of 0.010 BTC today, BNB/BTC price drops to where it is currently trading at 0.0098 BTC. However, if the support level of 0.0094 BTC can act as a solid line of defense against any further downtrend; the resistance level of 0.010 BTC and above may come into focus.

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