- Binance Coin price slips below critical Ichimoku support zone.
- The threshold to put BNB into a significant sell-off is not far.
- New 2022 and seven-month lows are coming up.
Binance Coin price has fallen more than 31% since last Monday and over 51% from the all-time high. A deeper push lower is likely if the bulls fail to keep Binance Coin above its final support zone.
Binance Coin price must hold $350, or a 30% drop is likely
Binance Coin price sits inside its strongest and final support level before initiating a collapse to new seven-month lows. The following Ichimoku, Fibonacci, and Volume Profile price levels below indicate the cluster of support that BNB is currently trading inside:
- Volume Point Of Control at $335
- 61.8% Fibonacci retracement at $340
- Senkou Span A at $340
- Senkou Span B at $355
- 50% Fibonacci retracement at $368.
Binance Coin is presently trading below all of the above levels, saving the 61.8% Fibonacci retracement at $340 and the Volume Point of Control at $335. A weekly close below those zones puts Binance Coin price into an Ideal Bearish Ichimoku Breakout setup, with zero Ichimoku support remaining on the weekly chart.
BNB/USD Weekly Ichimoku Kinko Hyo Chart
In the event of a sell-off below $340, the next support zone doesn’t appear until the 38.2% Fibonacci retracement at $240. In that scenario, Binance Coin price will likely shift the Relative Strength Index into a bear market and the Composite Index to new historical all-time lows.
Invalidation of this bearish outlook requires Binance Coin price to close above Senkou Span B and keep the Chikou Span above the candlesticks. That means BNB needs to close at or above $360 this week, but in two weeks, it needs to close above $417.
Follow us on Telegram
Stay updated of all the news
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.