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.
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.
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.
The RSI slope reverted from the equilibrium(50%) indicates the negative sentiment among the market participant remains intact.
Pi Network price has crashed by over 90% from its highest level since its mainnet…
The Solana price continues to capture attention, with renewed focus coming from both analysts and…
Cardano price continues to draw fresh attention as the market shows signs of renewed strength.…
BONK price has drawn attention once again as its chart structure hints at renewed interest…
Shiba Inu price has crashed in the past few months, moving from a high of…
XRP price has shown renewed strength in the last 24 hours, recording a modest daily…