BNB/USD: Sudden Wave of Selling Propels Binance Lower Again
Date
1/31/2022 1:32:33 PM
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BNB/USD is trading near the 370.0000 mark as of this writing and trading conditions are fast. Nervous sentiment has been sparked again in the broad Cryptocurrency market and this has certainly caused a wave of selling to erupt within Binance Coin too. BNB/USD spent a lot of yesterday's trading near the 388.0000 mark until incremental selling pressure started to unfold.
BNB/USD remains a volatile speculative asset. Its trading is often fast and the token reacts to existing behavioral sentiment with powerful bursts. As the last day of January gets under way, BNB/USD is again trading near important support and this could spark additional bearish activity. On the 27th of January, BNB/USD was trading near the 360.00 level, and on the 22nd and 24th of the month when selling was very strong, the token touched ratios near 336.0000.
To put the movement of BNB/USD into perspective for short-term traders, on the 2nd of January BNB/USD was trading near the 533.0000 juncture. The loss of value did not happen in one day, but it highlights the bearish move Binance Coin has generated in one month alone, which also mirrors results from its major competitors which have also suffered a loss of value.
The recent move upward last week after the whirlwind of selling took BNB/USD to its lows for the month were not able to escape the grasp of the bearish trend which is still being demonstrated . Last night's and this morning's selloff once again have put BNB/USD within the crosshairs of skeptical traders who may believe more downside price action will be displayed.
If BNB/USD is not able to sustain a move above the 375.0000 level, and maintains its current dance near the 370.0000 ratio this could prove to be a signal additional selling could be sparked. Early last week's dive towards the 336.0000 levels proved brief, but the recent test of 360.0000 may become a target for sellers. Traders are encouraged to use entry orders to make sure their price fills meet expectations, and they should have all of their risk management working while trading BNB/USD.
The bearish cycle for BNB/USD looks attractive as a wager for short-term speculators. Traders should not be overly ambitious with their goals and willing to cash in profits if they occur. If the 367.0000 level proves vulnerable near term, the 365.0000 to 360.0000 price levels may become reasonable targets.Binance Coin Short-Term Outlook
Current Resistance: 380.0000
Current Support: 357.0000
High Target: 391.0000
Low Target: 317.0000
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