Binance Coin Price Analysis: Chart Pattern Breakdown Sets BNB Price for 10% Fall; Sell or Keep Holding?
Binance Coin Price Analysis: Over the past three weeks, the Binance coin price has been moving sideways within two converging trendlines which revealed the formation of the symmetrical triangle pattern. In theory, this pattern offers brief consolidation before offering a directional move on the breakout side. Thus, amid today’s sell-off in the crypto market, the BNB price breached the pattern’s support trendline indicating a prolonged downfall in the near future.
Key Points:
- A symmetrical triangle breakdown intensifies the selling pressure in the BNB price
- The Binance coin will maintain an overall bullish outlook until the price remains above the 50% FIB level.
- The intraday trading volume in the BNB coin is $535.2 Million, indicating an 15.4% gain
Source- Tradingview
In the 4-hour time frame, the Binance coin price gave a decisive breakdown from the support trendline of the triangle pattern. The breakdown backed by above-average volume reflects the sellers’ conviction to prolong the ongoing correction phase.
However, the BNB price may show a minor pullback to retest the pierced support as potential resistance. If the coin shows sustainability above the trendline, interested traders may grab a short-sell opportunity.
Also Read: Top 10 Ways To Earn Passive Income From Crypto In 2023
The post-breakdown fall may tumble the Binance coin price 10% down to hit the $290 mark.
However, the $290 mark is still above the 50% Fibonacci retracement level indicating the overall market trend remains bullish and the long-term traders should not worry.
Technical Indicators
Relative strength index: A sharp fall in the 4-hour chart RSI slope reflects the aggressive selling pressure in the market.
Exponential Moving Average: With the recent drop, the BNB price plunged below crucial EMAs(20, 50, 100, and 200) giving an additional edge to short sellers.
Binance Coin Price Intraday Levels
- Spot rate: $320
- Trend: Bearish
- Volatility: Low
- Resistance level- $350, $375
- Support level- $300 and $283
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz
- Just In: DeFi Dev Corp Launches Japan’s First Solana Treasury Company, SOL Price Reacts
- Pi Network Mainnet to Get Major Upgrade in Q4, Says Expert
- Bitwise Solana ETF to Launch This Week as It Amends Staking, Fees? Bloomberg Weighs In
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
