Binance Coin Price Analysis: Will $BNB Price Lose $200 Mark in June?
Binance Coin Price Analysis: On June 10th, the Binance coin price gave a decisive breakout from the support trendline of a triangle pattern that carried a sideways trend for nearly a year. This breakdown must have released the trapped bearish momentum and set the BNB price for a prolonged downfall. In theory, each swing low formed during the triangle formation can act as a significant target for traders.
Also Read: Binance’s BNB Chain To Announce Layer 2 Blockchain Solution
Binance Price Daily Chart:
- $200 stands as a high-demand zone for BNB buyers
- A bearish crossover between the 100-and-200-day EMA could attack more sell orders in the market.
- The intraday trading volume in the BNB coin is $470.5 million, indicating an 24.6% loss.
(Source: Tradingview)
Earlier this week, the BNB price witnessed a minor pullback in its ongoing downtrend and retested the breached trendline for potential resistance. A long-wick rejection candle formed at the flipped resistance indicates a shift in market sentiment toward continuing the downward trend.
From the retest point of $253.5, the coin price plunged by 7.85% to reach the current price of $234 mark. With strong selling momentum, the sellers are likely to push the price another 6% to revisit the $220 mark
The $220 level is multi-month support and that could delay the potential fall and turn the BNB price sideways for a brief period. Consider a pessimistic scenario, a breakdown below $220 is more likely to plunge the price back to $200 psychological support.
Will the Binance Coin Price Plunge to $200?
The symmetrical triangle pattern’s completion on a bearish note suggests a significant downfall for BNB’s price. The reject retest phase confirms the presence of supply pressure from selling, suggesting the price could plunge to $220, followed by $200. However, to maintain stability in this altcoin any further downfall from the aforementioned level is less likely to June
- Vortex Indicator: A wide gap between the VI+ and VI- slope in a bearish alignment(VI->VI+) reflects the overall market trend is bearish
- Exponential Moving Average: Under aggressive bearish momentum, the 20-day EMA can act as dynamic resistance to prolong the downward trend.
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- XRP Price Outlook After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
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.
