Here’s Why Binance Coin (BNB) Price Is at Risk of Further Downfall; Is $200 Next?
The first two weeks of June have been miserable for BNB holders as its price witnessed a significant freefall following its legal battle against the U.S. and the recent altcoin crash. From the June 1st high of $307.7, the Binance coin price lost nearly 28.5%, reaching a low of $220. However, amid this downfall, sellers gave a decisive breakdown from the symmetrical triangle pattern, suggesting that this altcoin may prolong its downward trend.
Also Read: Binance CEO CZ Responds to Allegations of Dumping BTC/BNB
Binance Price Daily Chart:
- The breakdown of the triangle pattern intensifies the supply pressure in BNB prices.
- A long-wick rejection at $253 indicates that traders are experiencing high supply.
- The intraday trading volume in the BNB coin is $745.5 million, indicating an 8% loss.
(Source: Tradingview)
On June 10th, the falling BNB price breached the long-standing support trendline of a symmetrical triangle pattern. This pattern carried a sideways trend for nearly a year, and a breakdown below its key support intensified the underlying selling momentum.
However, in the last two days, the coin price witnessed a minor upswing to retest the pierced support as potential resistance. At the time of writing, the Binance coin price traded at $248 and showed a rejection candle, suggesting that sellers are defending the new resistance.
If the supply pressure persists, sellers may resume the prevailing correction and plunge the prices 26.5% down to reach $182.5.
Will the Binance Coin Price Plunge to $200?
Completing the symmetrical triangle pattern on a bearish note, the BNB price is poised for a massive downfall. The coin’s price is currently in a retest phase, where it validates that its price is experiencing sufficient supply pressure from the breached trendline. If sellers sustainably stay below the trendline, the coin price could drop to $220, followed by $200.
- Average Directional Index: The ADX slope wavering at 41% reflects instability in the current downtrend, and thus, a minor pullback was necessary to replenish bullish momentum.
- Exponential Moving Average: A bearish crossover between the 100-day and 200-day EMAs may attract more sellers to the market.
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