🚨📉 Binance Coin: Lower High Breakdown – $300 Target in Sight! 📉
🔎 Overview
BNB has seen two key highs in March and May-April 2024. After these highs, a bullish breakout attempt failed, resulting in a peak in June 2024, which we will ignore due to its weak formation.
💥 Key Resistance Levels
The March and May-April highs are acting as strong resistance levels. For BNB to turn bullish again, the price needs to break above these resistance lines.
🔻 August Low and Retracement
The major drop in June found support in August right at the 0.618 Fibonacci retracement level, traced back to the bullish wave that began in October 2023. Following the August low, BNB is now forming a lower high.
🚨 Lower High Warning
This lower high will remain valid unless BNB breaks above the resistance set by the March and May-April highs. As long as BNB stays below these levels, expect another leg down.
🎯 Price Target: $300
The next Fibonacci retracement level, 0.786, is around $314. With bearish momentum likely to build, Binance Coin could easily dip to $300 in the coming weeks if it fails to break resistance.
📊 What do you think?
Agree with this analysis? Drop your thoughts in the comments below! ⬇️
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