BNB In Danger Amid Binance Regulatory Pressure
Binance Coin appears to be forming a massive bearish pattern that could see the token's price plummet below $100.
KEY TAKEAWAYS
Binance Coin has enjoyed an impressive 32% rally over the last two weeks.
Despite the significant gains, BNB appears to have formed a bullish-to-bearish reversal pattern.
Losing the $314 level as support could mark the beginning of a steep correction.
Binance has faced mounting regulatory pressure worldwide over the last few months. Although the exchange’s daily trading volume has remained stable at around $30 billion, Binance Smart Chain’s native token, BNB, could soon suffer the consequences.
Binance Coin Could Crumble
Binance Coin is confronting a disastrous standpoint.
BNB seems to have been fostering a head-and-shoulders design on its every day diagram since mid-February. The fourth-biggest digital money by market cap as of now seems, by all accounts, to be framing the right shoulder of the negative arrangement.
A spike in selling pressure that pushes BNB underneath the head-and-shoulders' neck area could prompt a critical decrease. Cutting through the $280 backing could stamp the start of a downtrend by as much as 65% towards $98.
This bearish objective is controlled by estimating the stature between the example's head and neck area and adding that distance down from the breakout point.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.