The Binance coin has entered a pronounced phase of correction since the second week of August. Following its peak at $248, the coin's market valuation underwent a substantial 13% decline, ultimately stabilizing at the prevailing trading price of $215.
Yesterday, Binance Coin formed a Morning Star Pattern on daily charts, suggesting a potential reversal. BNB is recovering from $200 against the US Dollar, aiming to surpass the $220 resistance. After a significant drop from $235, BNB slid below $225 and $220, entering a bearish zone similar to Bitcoin and Ethereum. It briefly dipped under $212, tested $203.50, and started an upward correction. The price rose above $210 and $215 levels recently.
During a bearish crypto market, BNB dropped significantly from $220 support on August 17th. Breaking a bearish flag on August 21st led to selling and hitting $203.50 before key news. BNB now explores an unprecedented 14-month support zone. The 4-hour chart reveals a developing recovery in a V-shaped pattern. Positive indicators like MACD and neutral RSI signal potential for a sustained recovery. Maintaining support at $215 could strengthen bull control over BNB's next move.
Price Analysis estimates that the market capitalization of this BNB is $33,137,834,035. The coin's 24-hour trading volume is around $829,089,149.
KEY LEVELS :
RESISTANCE LEVEL : $220-$225
SUPPORT LEVEL : $210-$205
Is the dip to $200 an ideal buying opportunity or a sign of bearish momentum? Can BNB maintain its support at the $200 level? Is there a possibility of Binance Coin reclaiming $350? Could BNB's value drop to two digits again? At this critical juncture, why might a decline from these levels have a significant impact on the overall market? Feel free to share your thoughts in the comment 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.
