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BNB/USD is suffering a loss of value like many of its major counterparts, and its current ‘support’ levels should be considered carefully.
BNB/USD is trading near the 228.0000 level as of this writing, and fast market conditions are creating new price points quickly so readers are advised to double check values versus this article. As the broad cryptocurrency markets spits out its vast nervousness and causes long term support levels for all of the major digital assets to crumble, Binance Coin should be given careful consideration.
BNB/USD is trading near March 2021 lows, but intriguingly is near what appears to be a critical juncture early this morning. If the 225.0000 value erodes and support levels vanish near this ratio, BNB/USD will then have an opportunity to retrace to lower depths seen in early February of 2021. The price junctures of 210.0000 should be monitored by speculators who are willing to bet on further downside price action.
But before traders simply sell BNB/USD blindly they need to consider that Binance Coin is needed to make transactions in the Binance ecosystem of exchange. The consideration that traders need the Binance Coin to engage in trading other cryptocurrencies should underscore the necessity of keeping BNB/USD as a way to speculate in the digital asset marketplace. This is not written to encourage buying positions of BNB/USD in the near term, simply to point out that Binance Coin has a utilitarian use and its value is bolstered by this knowledge.
Fast conditions can be seen with BNB/USD like all of its major counterparts. Traders who have the stamina to trade today should consider the use of entry price orders to make sure they are not caught off guard by a wickedly bad fill which leaves them second guessing their take profit goals. If BNB/USD challenges the 225.0000 level and cannot mount an attack over this ratio, this would be a negative signal and could mean selling will grow more aggressive.
BNB/USD is in dangerous waters. On the 7th of May BNB/USD was trading near 367.0000 and this now looks like ages ago, taking into consideration the vast selling the broad cryptocurrency market has suffered. Present trading conditions remain more than nervous in cryptocurrencies, and the poor sentiment may continue to create a downward price mode for BNB/USD which could test lower depths quickly. From a risk reward viewpoint, BNB/USD seems to have more room to fall currently compared to moving higher.
Binance Coin Short-Term Outlook
Current Resistance: 238.0000
Current Support: 225.0000
High Target: 258.0000
Low Target: 175.0000
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