Here’s Why Binance Coin (BNB) Price Is at Risk of Further Downfall; Is $200 Next? – Crypto News – Crypto News
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Here’s Why Binance Coin (BNB) Price Is at Risk of Further Downfall; Is $200 Next? – Crypto News

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3 years ago

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Published 8 minutes ago

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 US 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 price.
  • 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.

TradingView Charts(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 price 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 EMA’s may attract more sellers to the market.

From the past 5 years I am 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. Reach out to me at brian(at)coingape.com

The content presented 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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