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.
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