MEXCBinance 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
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