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  • Binance Coin suffers a 12% loss in less than 24 hours and cryptos dump across the board.
  • The trend has a massive bearish bias likely to dominate the coming sessions.

The crypto market is painted red after key support levels failed to hold for most of the cryptocurrencies. Binance Coin was thrown off balance and kept losing lift almost hitting the major support at $20. The sharp declines come as an extension to the gradual downtrend from the highs around $32 in the first week of August.

It is now apparent that cryptocurrencies could close the month of August in paralyzing losses unless a recovery occurs before Friday. The Bollinger Band in the two-hour timeframe shows increased negative volatility. The constriction of the indicator is likely to have ignited the downtrend with a break below the failed support at $25.

Meanwhile, BNB is building strength for recovery above the short-term support at $25. However, the momentum has a massive bearish bias. The Moving Average Convergence Divergence (MACD) is spiraling inside the negative zone. The acute negative divergence at -1.011 suggests the sellers have control and the situation is likely to remain the same in the coming sessions.

BNB/USD 2-hour chart