Binance Coin Price Prediction: Why Prices May Drop Below $200

Summary:
• Binance coin is up by a percentage point. However, in the early morning hours, the crypto was down by 8 percent.

Binance coin lost 12 per cent of its value in yesterday’s trading session. Today, the Binance coin continued with its strong bearish trend in the early hours, which saw the prices drop by 8 per cent. However, the past few hours have started to see the crypto starting to recover, with the current price showing a 1 per cent increase in the markets.

However, today’s intraday price gain is unlikely to change the overall long-term trend that has seen the Binance coin price drop by 29 per cent in June. The Binance coin also lost 14 per cent of its value in May. Looking at the year-to-date data, the Binance coin is also down by 56 per cent, a highlight of the tough and aggressive bear market in which the crypto has been operating. 

However, much of the current price drops have been due to the current bear trend of the cryptocurrency industry. The trend has seen the global cryptocurrency market cap drop below $1 trillion for the first time in years. Bitcoin has also had one of its worst days, where it lost 15 per cent of its value in yesterday’s trading session. Other cryptocurrencies, such as Ethereum, have also struggled in the markets, with a 68 per cent year-to-date price drop recorded.

Binance Coin Price Prediction

The Binance coin price is up by a percentage point in today’s trading session. However, most of these gains have been a reversal from the eight per cent drop during the early morning hours of the session, a new price low of $204, a price level that has not been hit since February 28, 2021.

Looking at the chart below, it is likely that today’s intraday gains will reverse, and the session may close with a price loss. Therefore, my Binance coin price prediction expects the prices to fall. There is a high likelihood that in the next few trading sessions, we might see the prices hit the $204 support level again.

It is also likely that prices will break to the downside of the support level and trade below the $200 price level. However, my bearish trend analysis will be invalidated if prices trade above $240. The price level will also indicate the likelihood of a bullish move.

Binance Coin Daily Chart