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Analysis of the price of Binance Coin (BNB) 04/21/2020

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At the moment, the native token of the exchange Binance (BNB) is breaking an uptrend line marked on the chart since last March 29, unfortunately the situation is becoming delicate for this currency and the market in general that has not found support for a strong rebound and trend reversal.

In BNB we can see on the chart how you are using the 200-period EMA along with the 23% Fibonacci to attempt a rebound but everything indicates that it will not be successful. We already know that if it does not manage to maintain this level, we will surely see it reaching 38%. While there is a small support at $ 14.21 it does not appear to be strong enough to contain an upcoming drop, if the price breaks down support it will most likely see it hit the mentioned area near $ 13.77 to attempt a rebound.

Remember that these are short-term analyzes, so we go from support to support trying to catch a rebound or even a slight change in trend. The price may continue to drop from $ 13.77 if the general market fails to accumulate good trade volume.

On the other hand, to see an upward trend change or at least begin to consider it, we must first of all wait for the breakout of the pivot point and consolidation above these levels, as well as the breakdown of the last maximum reached above $ 17.02. At the moment it would not be good to enter the market if you operate in the short term, it would be better to wait for a fall to the area of ​​$ 14 or to wait for the breakout and consolidation on the pivot.

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