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BNB Price Analysis: BNB Price Nearing $260 Yearly Support; Another Breakdown?

Binance-2

Published June 7, 2022

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The Binance(BNB) relief rally turned down from the $330 resistance, indicating the prevailing downtrend’s resumption. Thus, the resulting downfall tumbled the altcoin price by 15% as it continued to crawl towards the yearly support of $260. 

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Key points

  • The 20-day EMA provides constant resistance to the BNB price.
  • The vortex indicator reflects a bearish crossover in the daily time frame chart.
  • The intraday trading volume in the BNB price is $1.79 Billion, indicating a 53% gain.

BNB/USDT ChartSource- Tradingview

In April, the BNB/USDT pair witnessed a steady fall under the influence of a descending trendline. However, on May 6th, altcoin breached monthly support of $385, and the recent bloodbath in the crypto market significantly accelerated the selling pressure.

The resulting downfall plunged the BNB price to a low of $218, accounting for a 52.3% loss. However, the long-tail rejection candle reverted the altcoin back above the $260 mark, triggering a minor pullback to the $330.

However, a recent report from Reuter claims that Binance Aided Money Laundering for Billions of dollars caused a considerable sell-off over the past week. Furthermore, on June 1st, altcoin turned down from the $330 resistance and fell 14% down where it currently trades at $283.

Furthermore, sustained selling should lead the BNB price to $260 yearly support. Historically this level bolstered the August 2021 rally, and a possible reversal from it would drive the price above $330. 

Alternatively, a daily candlestick closing below the $260 may drop the altcoin to the nearest supply region at $220.

Technical indicator

A sharp spread between the VI+ and VI- slopes after the bearish crossover indicates aggressive selling from trades. Moreover, this crossover should attract additional sellers to the market.

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The RSI slope reverted from the equilibrium(50%) indicates the negative sentiment among the market participant remains intact.

  • Resistance level- $330 and $385
  • Support levels- $260 and $220

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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