Price Analysis

BNB Price Analysis: Is Correction Toward $300 Next?

%%excerpt%% Binance coin price analysis shows a significant bearish bias in today's session.
Published by
BNB Price Analysis: Is Correction Toward $300 Next?

Binance coin price analysis shows a significant bearish bias in today’s session. The price after strong upside momentum came to halt on August 8. The formation of consecutive Doji candlesticks near the resistance level indicates the bullish momentum is slowing down.

The broader cryptocurrency market observed a sideways to bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. BTC declined 0.97%, and ETH was down 1.57%.

  • BNB price edges lower on Tuesday amid broader bearish market sentiment.
  • A probable bearish evening star pattern indicates impending downside momentum.
  • The price trades in a short-term trading range of $296-$330.
Advertisement

BNB Coin price looks bearish

Source: Trading view

On the daily chart, the BNB coin price analysis implies a bearish side. The ascending trend line from the lows of $189.43 acted as support for the bulls. A double top-formation near $337 pauses the gains and looks for the sign of reversal. Sustained selling pressure could drag the price lower.

On the moving downside, the BNB sellers would first target the 21-day exponential moving average (EMA) at $305. Next, the market participant could meet the low of August 3 at $278.47.

The RSI is trading at 60. When the relative strength index is above 70, indicates that a security is becoming overbought or overvalued. It may be primed for a trend reversal or corrective price pullback. Still, the market is far from overheating. Any downtick in the indicator could make more losses. 

BNB is trading in a “Rising Channel” Pattern, forming higher highs and highs lows, near swing high, forming a “Rounding Top” pattern as well, which is a sign of reversal. 

The nearest support of BNB is at $314, whereas The nearest resistance the price can take is at $333. There is a higher probability of the price breaking the support level on the lower side. 

4-hour chart indicates consolidation

Source: Trading view

 On the 4-hour chart, the price formed a “Triple Top” Pattern. A triple top formation is a bearish pattern since the pattern interrupts an uptrend and results in a trend change to the downside.

Along with this pattern, the price even formed a “Head & Shoulder” Pattern. If the price breaks the short-term support, then we can expect a good fall of up to $300.

Also read: http://Binance Upgrade To Likely Push Crypto Investments By Institutional, VIP Investors

On the other hand, a break above the $333 level could invalidate the bearish outlook. And the price can be above $360

BNB is looking mildly bearish on all time frames. Below $314 closing on the hourly time frame, we can put a trade on the sell side. 

Advertisement

Share
Rekha chauhan

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone

XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple…

October 22, 2025
  • Price Analysis

Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK

The Chainlink price recently rebounded sharply from the $16 demand zone, an area that has…

October 22, 2025
  • Price Analysis

Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes

Plummeting Pi Network price may be preparing a significant short squeeze after forming a rare…

October 21, 2025
  • Price Analysis

Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card

The Solana price is attempting a mild recovery after a recent consolidation phase, with the…

October 21, 2025
  • Price Analysis

XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?

The crypto market remains steady as XRP price consolidates within a well-defined structure on the…

October 21, 2025
  • Price Analysis

Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing

Ethereum price is showing renewed strength after an analyst projected a move toward $8,000. The…

October 20, 2025