BNB's resistance trendline dictates its recent price dips.
Binance hovers at $200, with a morning star pattern suggesting potential reversal.
A trendline breakout could signal a robust recovery in BNB price.
Post breaking the $300 mark in June, BNB consolidates between $230-260, later impacted by market FUD.
Persistent resistance at the 50-day EMA pushes BNB below the $230 support.
A hopeful turn at the $200 psychological mark: Signs of buyers returning with the emerging morning star on the 1Day chart.
A 38% decline in 4 months for Binance contrasts with a 2.28% intraday price boost.
Key reversal hinted with the morning star at the significant $200 support; yet, BNB needs to bypass the resistance trendline for genuine recovery.
Technicals: Stochastic RSI and daily RSI are set for a rebound from oversold conditions. Still, the bearish 50-day EMA, aligned with the resistance trendline, heightens bearish outlook.
If buyer strength persists, $200 emerges as an optimal BNB buy
point, with potential to reach $230 before hitting more resistance.
On the contrary, a dip below $200 could intensify BNB's correction, possibly plummeting to $185.
Binance hovers at $200, with a morning star pattern suggesting potential reversal.
A trendline breakout could signal a robust recovery in BNB price.
Post breaking the $300 mark in June, BNB consolidates between $230-260, later impacted by market FUD.
Persistent resistance at the 50-day EMA pushes BNB below the $230 support.
A hopeful turn at the $200 psychological mark: Signs of buyers returning with the emerging morning star on the 1Day chart.
A 38% decline in 4 months for Binance contrasts with a 2.28% intraday price boost.
Key reversal hinted with the morning star at the significant $200 support; yet, BNB needs to bypass the resistance trendline for genuine recovery.
Technicals: Stochastic RSI and daily RSI are set for a rebound from oversold conditions. Still, the bearish 50-day EMA, aligned with the resistance trendline, heightens bearish outlook.
If buyer strength persists, $200 emerges as an optimal BNB buy
point, with potential to reach $230 before hitting more resistance.
On the contrary, a dip below $200 could intensify BNB's correction, possibly plummeting to $185.
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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.
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.