#BNB Tanks below $250, Will it Slide to June 2022 Lows?Past Performance of BNB
BNB dropped nine percent on December 16 as prices pierced below multi-week support levels. Presently, sellers are in charge, and the coin is technically within a bear breakout formation. Therefore, as it is, traders might find opportunities to unload as BNB slips from a critical resistance, former support.
#BNB Technical Analysis
If H2 2022 price action guides, BNB is bullish. From this, traders might interpret the current formation as an opportunity to accumulate at critical support levels, anticipating a bounce towards Q3 and Q4 resistance levels. However, as it is, aggressive traders can align their positions with the December 16 bear candlestick. In a bearish breakout formation, traders can unload the coin on every attempt toward $250. Their immediate target is around $215, flashing with the 78.6 percent Fibonacci retracement level of the H2 2022 trade range. Further losses might see BNB drop to $185, retesting June lows.
What to Expect from #BNB?
BNB is under pressure after months of holding steady above $250. The coin may be lower because of Binance-related FUD. Even so, with BNB below this line, there might be more losses in the short term.
Resistance level to watch out for: $250
Support level to watch out for: $215
Disclaimer: Opinions expressed are not investment advice. Do your research.
