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Binance Coin Price Prediction: Amid a recent allegation against Binance, the World’s largest crypto exchange, and its CEO Changpeng Zhao (CZ) for breaking derivatives rules in the United States, the BNB price witnessed a certain selling pressure from market participants. The coin price decreased by 9.3% since last week, falling from a peak of $340 to its current price of $308. However, considering the bigger picture, this downfall is within a famous chart pattern called a symmetrical triangle. Here’s how this pattern may influence Binance coin’s future price.
- The Binance coin price will continue a sideways trend until the triangle pattern is intact.
- A bearish reversal from a downsloping trendline encourages BNB price for an 18% fall.
- The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss
In the weekly time frame, the Binance coin price is actively resonating within two converging trendlines. This sideways trend has lasted for over a year and shows the formation of a symmetrical triangle pattern.
In theory, this period of consolidation could offer a short break to traders before they continue with the prevailing trend. This pattern provides a trading opportunity when the asset price gives a decisive breakout from either of the converging trendlines.
As of now, the BNB price has recently turned down from the overhead trendline, triggering a bear cycle within the pattern. Ideally, this bear cycle plummets the coin price to the pattern’s lower support trendline, indicating the BNB coin is at risk for a 16-18% downfall.
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As this technical setup favors prolonging the prior price trend, the BNB/USDT pair is more likely to breach the lower trendline.
Having said that, a price breakout from the aforementioned trendline will be the determining factor for the future trend.
Relative strength index: Despite the sideways price action, the weekly-RSI slope shows apparent growth, which accentuates the underlying strength of a price trend. This bullish divergence shows a higher possibility for the BNB coin to end the triangle pattern on a bullish note.
EMAs: the BNB price trading above 200-Weekly EMA keeps the overall market trend bullish.
Binance Coin Price Intraday Levels
- Spot rate: $310
- Trend: Bearish
- Volatility: Medium
- Resistance level- $318, $340
- Support level- $300 and $283
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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