With altcoins marking a third bearish day this week, the BNB coin price faces extensive selling from its investors. Breaking below a bullish pattern, Binance coin price succumbs to bearish market conditions, leading to a 5.78% drop in the last 8 days.
Failing to rise above the 50-day EMA and $250, the BNB coin price falls drastically, leading to a rising channel fallout. With buyers struggling to avoid a third consecutive bearish candle, the daily candle shows lower price rejection.
Binance coin price shows a 3.62% drop in the last two days, with a rise in trading volume highlighting solid selling pressure. With an intraday loss of 0.33% and a long tail formation, buyers struggle to avoid the third red candle.
The rising channel fallout rally currently rests at the crucial support zone of $230. By providing multiple reversal spots before, the possibility of a reversal from this support zone is relatively high. Moreover, as the sellers get exhausted, it may lead to a retest.
The increased bearish sentiments in the BNB chart are evident in the technical indicators. With MACD indicators showing intense bearish histograms after the negative crossover. Moreover, the RSI line falls to the oversold boundary.
Considering the buyers can absorb the supply pressure, $230 provides an excellent bounce pad and an entry spot. In a bullish case, the BNB price can reach the $250 mark to rechallenge the overhead supply.
On the flip side, a downfall closing below the support zone will mark an intense correction phase for the Binance coin. The fallout rally can prolong to $200 in such a case.
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.