Important support ratios seem rather vulnerable
Significant levels of medium-term support are being tested after the last sell-off in BNB / USD and nervous speculators could become increasingly anxious.
BNB / USD is hovering near the 350.0000 level and showing its standard dose of rather volatile trading results. The downtrend within Binance Coin is rather demonstrative and until resistance levels start to be seriously challenged above, nervous sell sentiment may continue to strengthen within BNB / USD. A high of near 520.0000 was touched on the 25e August. While the BNB / USD was able to maintain this bullish level from the 23rd from August until around 7e from September, a downtrend effectively crashed through significant support levels over the past three weeks.
The current value of BNB / USD is close to ratios not seen since the second week of August. The early August values came as Binance Coin was profiting from a serious uptrend after hitting a low of near 253.00 on the 21st.st July. However, BNB / USD does not correlate with other major cryptocurrencies and it actually hit a low of near 208.0000 on the 23rd.rd of May, this after reaching an all-time high of around 690.0000 on the 10the of May. Volatility is rampant in BNB / USD.
While BNB / USD has technically copied the bearish trend of its major counterparts since the end of the first week of September, it has also been hit with a sense of nervousness due to concerns about the regulatory environment. This has certainly been reflected in the value of Binance Coin as it derives a large portion of its intrinsic price as it is an important part of the Binance ecosystem that operates one of the major cryptocurrency exchanges. . The shadow of increased surveillance and regulatory mandates potentially coming from governments is a definite weight that tugs at the behavioral commercial instincts of speculators.
BNB / USD is a volatile cryptocurrency because it is not only affected by the price action of the speculative trend which is correlated to its major counterparties, but also because of the Binance exchange and how it is perceived. Short-term speculators may believe that further bearish pull could be demonstrated which will test the support ratio near the 345.0000 to 340.0000 marks. If this close support starts to come into question, traders could aim for lower ratings that were seen in early August near the 320.0000 to 315.0000 range. Traders should use adequate take profit and stop loss orders to guard against rapid price action which will certainly be seen in BNB / USD.
Binance Coin’s Short-Term Outlook
Current Resistance: 360.0000
Current Support: 339.0000
High Target: 377.0000
Low target: 319 0000