Binance Coin Price Braces for a 12% Decline
The BNB price is set for a 12% drop after a bearish breakout of the support trendline.
The sideways trend in the Binance coin has been determined by a symmetrical triangle pattern.
The intraday trading volume of the BNB coin indicates an 11.2% loss.
Source- Tradingview
The price of the Binance coin jumped from $202.8 to $271, making a 34% growth in October. However, the resignation of Binance CEO Changpeng CZ Zhao triggered a major downturn today along with a 5.6% intraday loss.
The sellers breached an ascending support trendline that carried the October-November recovery of the BNB price. Closing below this trendline and the $234.6 horizontal level could stage a bearish downturn leading to a 12% decline, revisiting the support zone around $200.
Will the BNB Price Retain $200 Support?
Source- Tradingview
On a broader perspective, the BNB price has been trading within a tight range for over twenty months, contained within a symmetrical triangle pattern. A drop below the $200 psychological level seems unlikely if the lower trendline holds amid the current pullback.
Relative Strength Index (RSI): A drop of the RSI below the 50% mark signifies intensifying selling pressure.
Exponential Moving Average (EMA): A breakdown of the BNB price below the 200 EMA will favor market sellers significantly.
Hot Take
Binance Coin Price Prediction: With Binance CEO’s sudden resignation and the subsequent 5.6% decline in BNB price, experts predict a 12% bearish downturn for BNB, likely revisiting the support zone around $200. Resistance around the $200 level may prevent a further drop, and it remains to be seen if the coin will retain this support.
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