Will Binance Coin(BNB) Price Reach $275 Again? Market Recovery Offers Hope

The June 10th sell-off in BNB price gave a massive breakdown from the support trendline of the symmetrical triangle pattern. This breakdown was supposed to bolster further downfall, but with the improving bullish sentiment in the market, the coin price took a slight detour. Thus, a minor consolidation phase developed below the breached trendline could validate if sellers can sustain lower levels or not.

Also Read: Binance CEO CZ Applauds Crypto Exchange Backed By Citadel, Fidelity

Binance Coin Daily Chart 

• An ascending triangle pattern reflects a gradual growth in underlying bullish momentum.
• Higher price rejection candles at the $253 level indicate the BNB price faces overhead supply pressure.
• The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss.

Source- Tradingview

For nearly two weeks, the BNB price resonated in a narrow range spread from the $253 to $220 mark. However, as large asset management companies showed their interest in the spot Bitcoin ETF, the crypt market witnessed a positive sentiment building among investors.

Moreover, a closer look at the lower time frame chart revealed the upswing in BNB price as the formation of an ascending triangle pattern. This bullish continuation pattern triggers a significant upswing upon the breakout of its neckline resistance.

Currently, the BNB price trades at $246.8 with an intraday loss of 0.32%. Under the influence of this pattern, the buyers could pierce the $0.253 neckline and simultaneously reclaim the aforementioned trendline.

This potential breakout will intensify the buying pressure and may surge the prices back to $300.

Will Binance Coin Price Plunge to $220?

While the long-term trend for Binance coins remains bearish, the prices have a high possibility to break the lower trendline of an ascending triangle. This breakdown will signal the resumption of the previous downtrend and could plunge the coin price to $220, followed by $200.

• Exponential Moving Average: The 20-day EMA moving close to $253 may strengthen the resistance power of this level.
• Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and signal(orange) slope could increase buying orders into the market.