Binance Coin (BNB) Should Regain $414 to Prevent Further Drops

  • BNB price needs to reclaim footing at $414 for bulls to eye higher zones.
  • Meanwhile, the massive obstacle around the 50% retracement mark of $504 may confront Binance Coin bulls.
  • Failure to rally past $414 might witness the exchange coin falling lower to 200 3-day SMA.

Binance Coin (BNB) plunged under a crucial defense line on 21 January, and the token seems ready for further decline. For now, the altcoin requires an upside move to reclaim the floor at $414 and authorize the area as support to avoid more plummets.

BNB Bulls Renew Confidence

BNB price fell beneath the ascending parallel channel’s lower border on 21 January on the alt’s three-day chart, risking bullish prediction. For now, the bulls require a significant move to tag the prevailing chart pattern’s downward trend-line around $414, matching the 23.6% FIB retracement area.

The TRIN, which measures market sentiment, shows increased buyers in the marketplace. Binance Coin will challenge the following resistance level at $464 if buying momentum continues to surge. Remember, the 100 3-day SMA and 38.2% FIB retracement zone interest at this region.

Higher aspiration will aim 50% retracement mark near $504, the level where 21 3-day and 50 3-day Simple Moving Averages sit. Nevertheless, this region might present tiff obstacles for BNB. The alt would necessitate a decisive move beyond this mark to clear the road towards higher value levels.

If the altcoin breaks beyond the mentioned hurdle, market players could see BNB tagging 78.6% IB retracement mark at $602, matching the governing technical formation’s middle boundary.

Nevertheless, surged selling strength will translate to drops for the token. That way, Binance Coin might fall to the 25 September low of $320 before exploring the Momentum Reversal Indicator’s support floor around the $299 zone. Additional sell orders might push BNB lower to the 200 3-day Simple Moving Average at $262.

Meanwhile, BNB bulls should step up to overcome bearishness and reclaim the foothold at $414. That is because of the pessimistic mode in the crypto spectrum now. For now, it might be safe to watch the upcoming sessions before investing in crypto assets.