Binance Coin price data analysis 11 July 2019; 2 month low in progress

Binance Coin, much like every other altcoin in the market has tanked severely in the last 24 hour, shredding as much as 9% of its overall evaluation.

Despite the massive fall, BNB is still one of the largest gainers if we take a look at the monthly chart. BNB is still 63% up from its starting price in 2019, but that doesn’t give it any guarantees in the future.

As the market sentiment stands now, BNB is in a serious bearish zone, with bulls having to breach much more resistance levels rather than bears having to dip below supports.

BNB price chart

BNB chart by Trading View

As it stands right now, the BNB price is $29 per coin and is looking at resistance levels at $31.50 and above at $33 and $35.

$35 is the crucial resistance, should it be breached bulls will have a field day and potentially push the coin to as high as $38 before succumbing to bear pressure.

For the bears though, it’s going to be much simpler to fill their orders. Should the $28.50 support line break, BNB is poised to dip below $26 before BTC market dominance ends and altcoin season begins.

Regardless of what happens, the market is looking more towards a bearish sentiment in the short term rather than promising large consolidations in the within at least a week.

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