If anyone had reeled out a Binance Coin price prediction of two successive double-digit crash sessions a month ago, no one would have believed it. At the time, the Binance coin looked very strong, and the BNB price prediction from most quarters was for an unabated rise to $1000.
Things are very different now, with regulators worldwide mounting an assault on crypto exchanges and crypto coins. On Monday, Canadian regulators added more entities to its crypto exchange blacklist. Chinese authorities also expanded the scope of the cryptocurrency prohibitions following a meeting with stakeholders. For CZ, CEO of Binance and a Chinese-born Canadian, this would easily be a day to forget.
Binance coin is currently down more than 15% on Tuesday, with sellers resuming from where they stopped after forcing a 20% drop on Monday. However, some reprieve may be on the way as the Binance coin is approaching a key support zone.
Technical Levels to Watch
The BNB price prediction is for the BNB/USD pair to find support at the price zone between 207.19 and 222.99. If this level is taken out by selling pressure, the next target would be the 23 February low at 184.82, with the 200.00 psychological support acting as an intervening pitstop.
On the flip side, a bounce from the support zone could allow for recovery and retest of 278.12, this time as a resistance barrier. If the bulls surmount this level, 314.94 and 357.04 become additional targets to the north. Supporting this outlook is that the price decline has allowed the measured move from the resolved symmetrical triangle to attain an end-point at the support zone.