Binance Coin (BNB) dropped below $600 in the recent market crash, breaking a key support line.
Despite this, it rebounded from $550, showing a 4.10% recovery within 48 hours.
Currently at $532, BNB faces bearish pressure, but a potential turnaround is hinted by underlying demand and a double-bottom pattern.
The recent market crash caused Binance coin (BNB) price to take a hit, losing ground above the crucial $600 level and breaking below a critical support trendline.
This breakdown has shifted the dynamics in the Binance price chart to the bearish side, raising concerns about a potential correction. But these shifting dynamics are being challenged by the short-term reversal and underlying demand, which is seeking a recovery.
Binance Coin Eyes $600 Breakout
Despite the recent downfall, in which the BNB price challenged the 200-day Exponential Moving Average (EMA) with a death cross looming, the token has demonstrated a quick reversal from the psychological mark of $550, overcoming the supply pressure. This reversal rally teases a potential comeback in the near future.
Currently, the Binance token price is trading at $532, with an intraday drop of 5.6%, reflecting a bearish look for the altcoin.
Despite the buyers’ inability to drive the ascending trendline to completion, the BNB token price is showing signs of a comeback, fueled by the underlying demand and the double-bottom reversal pattern. Furthermore, the overall market recovery is adding momentum to the altcoin’s recovery.
If the BNB price manages to break above the $635 level, it could potentially reach the $763 mark, as indicated by the trend-based Fibonacci level. However, investors should remain cautious, as a correction in the overall market could lead to a plunge in the altcoin’s price, potentially pushing it down to the $500 level.
