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May 22, 2024
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Binance Coin Price Analysis: A Hidden Trendline Pushes Down BNB Price; Will Buyers At $200 Turn Tides? 

The post Binance Coin Price Analysis: A Hidden Trendline Pushes Down BNB Price; Will Buyers At $200 Turn Tides?  appeared first on Coinpedia Fintech News

Breaking the symmetrical triangle in early June to drop from $300 to $231, the BNB price action entered a consolidation range between $230-260. However, the recent FUD tsunami in the crypto market crashes Binance further.

Facing multiple rejections from the 50-day EMA and a resistance trendline, the BNB coin price continues to break the $230 support level. With the psychological mark of $200, bringing in more buyers is evident by the potential morning star forming in the 1Day chart. 

Under the influence of the strong resistance trendline, Binance is down by 38% in the last 4 months. However, the BNB price manages a 2.28% intraday jump teasing a morning star pattern. 

Forming a key reversal pattern like morning star at crucial psychological support of $200 displays high chances of a sharp reversal. However, the BNB price must overcome the selling pressure at the resistance trendline to enter a credible recovery phase. 

Coming to the technical indicators, the stochastic RSI and daily RSI line are preparing a bounce back from the oversold zone. However, the declining bearish 50-day EMA moves along the resistance trendline to amplify the hawkish sentiments. 

If buyers can hold off the sellers, $200 will be a great place to buy BNB. If things go really well, BNB could even reach $230 before running into more resistance.

Conversely, a downfall that closes below the $200 mark will result in an intense correction phase for Binance Coin. In such a case, the fallout rally could extend to $185.

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