$200 Dip or $300 Surge? Binance Coin Price on the Verge of Major Price Shift
Amid the recent uncertainty in the crypto market, the Binance coin price shows a V-top reversal from the $261.9 high. Within a fortnight, the sellers tumbled the coins’ market value by 10% where it currently trades at $237. However, the falling prices would soon revisit the support trendline of the inverted flag pattern, offering a pivotal point for a bullish reversal or a prolonged downtrend.
Also Read: Binance Japan Announces Official Opening Date
Binance Coin Daily Chart
- A breakdown from the flag pattern’s support trendline could set the BNB price at a 14% drop
- The 50-day EMA slope offers dynamic resistance during bullish bounces
- The intraday trading volume in the BNB coin is $596.5 Million, indicating a 17.5% loss
Source- Tradingview
Concerning the April-June bloodbath and the ongoing relief rally, the Binance coin price shows the formation of an inverted flag pattern. This pattern is often spotted in an established downtrend providing a brief period of a break before the sellers recuperate exhausted bearish momentum.
With the incredible loss of 0.5%, the coin price is approaching the lower support trendline. Under the influence of a bearish continuation pattern, the Binance coin price is more likely to break this dynamic support. A daily candle closing below the aforementioned trendline will signal the resumption of the downward trend.
The post-breakdown fall could tumble the BNB price 14% and hit the $200 psychological support
[converter id=”bnb-binance-coin” url=”https://coingape.com/price/converter/bnb-to-usd/?amount=1″]
Can BNB Price Rise Back to $265?
If the coin price shows signs of reversal at the bottom support trendline, it would indicate the buyers continue to defend this dynamic support. The possible reversal could prolong the ongoing relief rally and may push the BNB price back to the overhead trendline near $265. A bullish breakout from the above resistance could invalidate the bearish thesis and trigger a sustainable recovery.
- Exponential moving average: The altcoin price trading below the daily EMAs(20, 50, 100, and 200) indicates the market participation would face the least resistance in a downward trend
- Directional moving index: A bearish crossword state where the Di-(orange) slope trades above the DI+(blue)line indicates the selling momentum is active.
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