BNB Price Plunges, At Risk of Drop to $200
• BNB price started an upside correction but failed near $250.
• A major bearish trend line is forming with resistance near $248 on the 4-hour chart.
• There is a risk of more losses toward $220 and $200 if the price stays below $245 and $250.
BNB Price Struggling to Recover
BNB is struggling to recover above $250, similar to Bitcoin and Ethereum. It is now at risk of more losses toward $220 and $200. In the past few days, there were mostly bearish moves in BNB price below the $280 and $250 support levels.
Price Fails To Break Above Key Resistance Levels
Recently, there was an upside correction from the $220.6 low, however, it failed to break above key resistance levels such as the 50% Fib retracement level of the downward move from the swing high of$267.5 to low of$220.6, as well as 50 simple moving average (4 hours, blue). A major bearish trend line is also forming with resistance near 248 on 4-hour chart which has further hindered any attempts for a recovery rally by bulls towards higher resistances like 300 mark..
Risk Of More Losses Towards 200 Mark
Currently, BNB is trading lower from 250 rejection zone approaching 230 support zone where next major support lies near 224 zone followed by 220 mark. Any more losses could open up doors for further drop towards 200 mark or even 188 soon in case bears have stronger control over market sentiment.
Upside Recovery Rally Possibility
On contrary if bulls attempt another recovery rally then immediate resistance lies around 245 level followed by 250 which needs to be breached for any chances of further upward rally towards 265 followed by 274 marks in quick succession however closing above 274 might push prices into bullish territory with next stop being 300 level for bulls .
Conclusion
Overall BNB’s price shows bearish signs below 250 resistance however if there is clear move above this level then it could recover towards 274 else bear have higher chance of pushing prices down towards 200 support or even 188 soon .
