Binance Coin (BNB) price broke below the ascending trendline support on Sunday, signaling a bearish move.
Binance Coin price closed below the ascending trendline support on Sunday, signaling a bearish move. BNB finds support around the $560 level, the daily low from May 15. A daily candlestick close above $635.4 would invalidate the bearish thesis. Binance Coin price broke below the ascending trendline support on Sunday, signaling a bearish move. Currently, BNB finds support around the $560 level, matching the May 15 daily low.
If this trendline holds as pullback resistance and the BNB daily candlestick closes below the $560 low from May 15, Binance Coin price could crash 11% to retest its previous support at the March 19 low of $495.4. The Relative Strength Index and the Awesome Oscillator indicators on the daily chart support this bearish thesis, as both are below their respective mean levels of 50 and zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the BNB’s price.
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