Binance coin price corrected sharply lower towards the $200 support against the USDT. BNB is consolidating and it is likely to rally again above $250 and $280.
- Binance coin price started a strong decline from a new all-time high at $348 against the USDT.
- The price declined over $100, but it remained stable above the 100 simple moving average (4-hours).
- There is a major contracting triangle pattern forming with resistance near $250 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
- The pair could start another rally if there is a clear break above $250 and $280.
Binance Coin Price Holding Key Support
There was an upside extension in binance coin above the $250 and $300 levels. BNB price even broke the $320 level and traded to a new all-time high at $348.Recently, there was a sharp decline in bitcoin, ethereum, and altcoins. BNB also corrected lower sharply and broke a couple of important support at $300. It even broke the $250 support level and spiked below the $200 zone.
Source:An initial support is near the $225 level. It is close to the 61.8% Fib retracement level of the recent wave from the $187 swing low to $280 high. It seems like there is a major contracting triangle pattern forming with resistance near $255 on the 4-hours chart of the BNB/USDT pair.
