Binance Coin Price Prediction: Can Buyers Prevent a Drop Below $200?
A symmetrical triangle pattern is currently preventing the BNB price from experiencing a major downfall. Despite the recent decline, there is an emerging bullish pattern on the technical chart that suggests a potential rebound. Buyers are aiming to prevent the price from dropping below the $200 mark.
A Bullish Breakout Could Lead to a 22% Upswing
- A bullish breakout from the $257 barrier would set the stage for a 22% increase in the BNB price.
- The intraday trading volume for BNB is $645.5 Million, indicating a 9.5% gain.
Source- Tradingview
Over the past five months, the Binance coin has been fluctuating between the $250 and $200 levels. However, a closer look at the technical chart reveals an inverted head and shoulders pattern, which indicates a larger bullish reversal.
The recent decline in BNB’s price found support around $225, forming the base of the right shoulder of this pattern. A subsequent bullish reversal led to a 4.45% increase in the price, currently trading at about $233.
This pattern suggests that the BNB price could potentially rise by another 10%, targeting a neckline of $257. If there is a successful bullish reversal from this level, it could lead to a further increase of 21%, pushing the price towards the psychological threshold of $300.
Additionally, this anticipated rally may result in the BNB breaking through the upper boundary of a long-standing symmetrical triangle pattern, further strengthening the bullish sentiment.
Is BNB Price Ready for Recovery?
The Binance coin price has been oscillating within a symmetrical triangle pattern for almost two years, leading to a long-term sideways trend. However, any potential rally in the BNB price would face significant supply pressure around $280. As long as this pattern remains intact, the BNB price will continue to move laterally.
- Exponential moving average: The flat movement in the crucial daily EMAs (20, 50, 100, and 200) indicates uncertain sentiment in the market.
- Moving average convergence divergence: A bearish crossover between MACD and signal line suggests a negative short-term trend.
Hot Take: Binance Coin’s Potential Rebound Amidst Legal Challenges
The recent legal challenges involving Binance’s former CEO have caused significant volatility in the Binance Coin’s price. However, there is an emerging bullish pattern that indicates a potential rebound. Buyers are working to prevent the price from dropping below $200. A successful breakout from the $257 barrier could lead to a 22% upswing in the BNB price. Additionally, there are signs of a larger bullish reversal pattern known as an inverted head and shoulders. If this pattern holds, we could see a further increase of 21% towards the $300 mark. Despite facing supply pressure around $280, the BNB price has the potential for recovery amidst these challenges.
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