In the midst of the recent uncertainty in the crypto market, Binance coin The price reversed at $261.9. Within two weeks, sellers reduced the coin’s market value by 10%. It is currently trading at $237. However, falling prices will soon revisit the support trendline of the inverted flag pattern. It will present a key point for a bullish reversal or a prolonged downtrend.
Binance Coin Daily Chart
- Breaking the support trendline of the flag formation could cause the BNB price to drop 14%.
- The 50-day EMA slope offers dynamic resistance during bullish bounces.
- The intraday trading volume in BNB coin is $596.5M, indicating a loss of 17.5%.
Regarding the April-June dips and continued relief rally, Binance coin price shows the formation of an inverted flag pattern. This pattern is often seen in an established downtrend that provides a short break period before sellers regain the exhausted bearish momentum.
With an incredible 0.5% loss, the coin price is approaching the lower support trendline. Under the influence of a bearish continuation pattern, Binance coin price is more likely to break this dynamic support. A one-day candle close below the aforementioned trendline will signal the resumption of the downtrend.
NEWS CONTINUES BELOW
The post-break drop could lower BNB price by 14% and reach the psychological support of $200.
Could BNB Price Rise Back To $265?
If the coin price shows signs of a reversal at the lower support trendline, it will indicate that buyers continue to defend this dynamic support. A possible reversal could extend the ongoing relief rally and push BNB price back to the general trend line near $265. A rise from the above resistance could invalidate the bearish thesis and trigger a sustainable recovery.