After a resounding drop from $ 21, Binance Coin is currently in a situation similar to that of Bitcoin, maintaining a small support at $ 9 that represents the red line between a price recovery or a new drop to $ 5. We have pivot point making resistance at $ 11.4 where we also have 23% fibonacci invested before an eventual rebound.
It is important to mention that the situation is not favorable at the moment for cryptocurrencies, we are above clear support levels but there is no liquidity or strength on the part of the bulls to push prices up again. Global uncertainty still reigns, there is not enough confidence at the moment to bring the price closer to major resistance levels.
If the $ 9 is lost, we will undoubtedly be faced with a further drop in prices that could lead BNB to previous lows above $ 6 and $ 5. We hope this does not happen and you can follow the current consolidation above $ 10 and start to give signs of price recovery that will push it to the pivot point of the week that represents the first obstacle of the many that this cryptocurrency now has.