BINANCE PRICE ANALYSIS-$241: BNB's looking bearish?
- After observing the formation of the Gravestone Doji Pattern on the daily chart, we can identify the presence of selling pressure
- On the daily chart, BNB is currently trading within a descending triangle pattern
- After observing the formation of the Gravestone Doji Pattern on the daily chart, we can identify the presence of selling pressure
BNB is encountering resistance near the $255 level.
Binance Coin has been trading in a range between $240 and $255 for the past few days. It has been unable to break through the $255 resistance level, which is causing some volatility in the market.
There are a few reasons why BNB is encountering resistance at the $255 level. First, the $255 level is a Fibonacci retracement level, which means that it is a common point for prices to consolidate. Second, the $255 level is also a psychological level, which means that some traders may be hesitant to buy BNB above this level.
On The Daily Chart:
BNB has experienced a significant decline in its price over the past few days, dropping from its previous value of over $270 against the US Dollar. Following a notable peak around $270, BNB underwent a substantial decrease, breaking below crucial support levels at $250. On the daily chart, BNB formed a Gravestone Doji pattern indicating weakness in the coming days.
On The 4-Hour Chart:
BNB has been stuck within a Bearish Pennant pattern on the 4-hour chart for an extended period of time. Despite its attempt on July 3rd to break through the $255 resistance, the bears exerted significant pressure, causing the price to be rejected and retreat back into the Flag pattern.
Price Analysis estimates that the market capitalization of this BNB is $37,693,838,653. The coin's 24-hour trading volume is around $650,010,221.
KEY LEVELS :
RESISTANCE LEVEL : $247-$255
SUPPORT LEVEL : $237-$230
Will BNB be able to reach the $240 level considering its failure to break through the $255 resistance zones and its current trading within the Bearish Pennant pattern? Share your thoughts and predictions in the comments section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
