Binance (BNB)’s price depreciated by almost 20% in the last two months due to strong bearish actions. This dragged the price to a crucial support line, where it currently negotiates for a sigh of relief.
Following past weeks of fallout, which saw the price through several breakdowns, BNB found support earlier this month and pushed back. But unfortunately for the fourth-largest coin, it faced rejection at $316 and rolled back down.
The price fell below the wedge to a weekly low of $301 yesterday. Although the drop is not yet significant to consider for a breakdown as the price could recover quickly back above the wedge soon.
Reclaiming this week’s rejection level is vital for a reversal. This could trigger a fresh rally towards the upper boundary of the wedge, bringing the bulls back into the market.
Otherwise, the asset could initiate more selling pressure that can slip the price below the key $300 psychological level. If such a setup comes into play, the price could fall heavily until it finds a solid support level.
Whichever it goes, BNB’s market structure is still technically bearish on the daily time frame. It has lost roughly 8% in the last 30 days of trading.
BNB Key Level To Watch
At the current trading level, the closest resistance level for recovery lies at $310 and $318.4, marked as the week’s high. An increase above those levels could send the price to $327.8 and $337.5 in no time.
The support levels to remember are $300 and $283 in case of more drops. The next selling target to keep in mind is $270, followed by $260, where the channel’s lower boundary lies.
Key Resistance Levels: $318.4, $327.8, $337.5
Key Support Levels: $300, $283.2, $270
- Spot Price: $306
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/binance-coin-price-analysis-prediction-may-31-bnb-attempts-more-breakdowns-after-testing-crucial-support-line/