Cryptocurrency News – Amidst the recent uncertainty in the crypto market, the price of Binance Coin is showing a return from the high of $261.9. Sellers have reduced the market value of the cryptocurrency by 10% in the last two weeks, and it is currently trading at $237. However, falling prices will soon revisit the support trend line of an inverted flag formation, which could mark a bullish reversal or the turning point of a prolonged downtrend.
Binance Coin daily chart
A breakout from the flag pattern's support trend line could send the BNB price into a 14% decline.
The 50-day EMA slope provides dynamic resistance during bullish bounces.
Intraday trading volume on the BNB cryptocurrency dropped 17.5%, representing a loss of $596.5 million.
Regarding the April-June bloodbath and the ongoing relief rally, Binance Coin price is showing the formation of an inverted flag pattern. This pattern is often seen in an established downtrend that provides a brief respite period before sellers regain exhausted downside momentum.
With this incredible loss of 0.5%, the cryptocurrency price is approaching the lower support trend line. Under the influence of a bearish continuation pattern, Binance Coin price is more likely to break this dynamic support. A daily candle closing below the trend line mentioned above will signal the resumption of the downtrend.
The post-fault decline could drop BNB price by 14% and hit the $200 psychological support.
Can BNB price rise to $265?
If the cryptocurrency price is showing signs of a reversal at the lower support trend line, this indicates that buyers continue to defend this dynamic support. A possible reversal could extend the ongoing relief rally and push BNB price back towards the $265 level, near the overall trend line. An upside break through resistance above could invalidate the bearish thesis and trigger a sustainable recovery.
Exponential moving average: The altcoin price trading below the daily EMAs (20, 50, 100, and 200) indicates market participation will face least resistance in a downtrend.
Directional moving index: A bearish puzzle situation where the DI-(orange) slope is trading above the DI+(blue) line indicates that selling momentum is active.
