Binance Coin price slides lower on Monday as dark clouds hang over crypto

Binance Coin price tanks on Monday in a global crypto decline.
BNB to find support soon as cooldown does not mean a bad thing.
The RSI is due for an unwind as price action got overheated over the weekend.

Binance Coin (BNB) price is sliding lower this Monday as what appears to be quite a global descent for most major crypto and alt currencies. The leg lower makes sense though as price action grew overheated over the weekend with a late rally on Sunday that pushed the Relative Strength Index (RSI) nearly into overbought territory. Expect a small leg lower with support soon to kick in so that the RSI eases a bit before seeing price action swinging back up again.

Binance Coin price needs to give a little to get big

Binance Coin price could shed about 3% this Monday in search of support as BNB is taking a small step back in early trading. The move did not come as a surprise as on Sunday price action swung substantially higher and dragged the RSI toward the overbought area. With profit-taking underway, expect to see a fade toward $330.

BNB can then find support at the monthly pivot before heading back higher as early as the US trading session later this Monday. Even if the fade goes a leg lower toward $323.80, the blue line could act as a halt for the fade as that is where the rally started on Sunday. The rally should reboot itself and break the high of Monday near $340 to head toward $345.

BNB/USD 4H-chart

The bigger risk for the price action on Monday is on the weekly chart. BNB is showing more bearish signs. Should pressure build upon the 55-day Simple Moving Average (SMA), a break lower could easily add up to a 10% loss as the 200-day SMA is trading near $297. The break of the psychological level of $300 could mean that more downside will come as plenty of bulls will start to offload further.

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