BNB price shakes SEC 'FUD' with a modest bounce but downside risks remain.
Theoretically, these events risk stirring people's BNB buying sentiment, given it has been incorporated as a utility token in the Binance ecosystem.
However, technicals paint a potentially different picture, at least in the short term. The BNB/USD pair looks prepared for a short term bounce, given it trades around a critical support level and its daily relative strength index has entered the"oversold" region below 30.In this case, BNB price will likely eye its descending trendline resistance point near $280 as its next upside target in June, up around 7% from current price levels.
On the other hand, BNB's decisive close below its multi-month ascending trendline support means that $240 should be watched as a potential downside target in June. Down around 10% from current price levels, this level appears out of the rising wedge breakdown scenario .BNB could drop toward the 2022 low of $180 owing to the ongoing Binance-SEC battle.
Interestingly, the ongoing breakdown of a descending triangle pattern for BNB price, suggests the same.Descending triangles are typically viewed as bearish continuation patterns in a general downtrend. They typically resolve when the price breaks below their lower trendline support with the price dropping by as much as their maximum height.As a result, BNB risks falling toward its triangle target of around $180 in 2023, down around 30% from current price levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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