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The Binance Coin Price Prediction affirms the bullish outlook in the native exchange token following massive outflows after the company’s former CEO, Changpeng Zhao resigned after pleading guilty to violating US anti-money laundering rules. BNB price dumped from $270 to $225, although it had recovered on Wednesday to trade at $234 at the time of writing.
If holders refrain from selling BNB, something they are likely to do due to Binance Coin price resilience over the years, the climb back to $270 would be quick and bring the next key level at $300 within reach.
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Binance Coin Price Prediction: $BNB Price Poised for 12% Fall
- A bearish breakdown from the emerging support trendline has set the BNB price for a 12% drop.
- A symmetrical triangle pattern governs the sideways trend in the Binance coin.
- The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss.
Source- Tradingview
The Binance coin price entered a strong recovery mode in mid-October when the price rebounded from $202.8 to a high of $271, accounting for 34% growth. However, this recovery witnessed a major downturn today as Binance CEO Changpeng CZ Zhao resigned from the exchange as part of a $4 billion settlement with the United Department of Justice.
This news triggered a substantial outflow in the BNB value, causing many leading cryptocurrencies to turn red today. With a 5.6% intraday loss, the sellers have breached an ascending support trendline that carried the October-November recovery of the BNB price.
Should the price close below this trendline and the $234.6 horizontal level, it could set the stage for a more pronounced bearish downturn. In this scenario, we might witness a post-breakdown decline of nearly 12%, revisiting the support zone around $200.
Can BNB Price Hold $200 Support?
Source- Tradingview
A broader perspective on the weekly charts reveals that BNB price has been trading within a tight range for over twenty months, contained within a symmetrical triangle pattern. With the expected decline, the coin may retest the triangle’s lower boundary near $200. Historically, touches on this lower trendline have spurred significant buying interest, often leading to a bullish turnaround. Hence, if this trendline holds amid the current pullback, a drop below the $200 psychological level seems unlikely.
- Relative Strength Index (RSI): A potential drop of the RSI below the 50% mark would signify an intensifying selling pressure in the market.
- Exponential Moving Average (EMA): A breakdown of the BNB price below the 200 EMA would provide a significant advantage to market sellers
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