Binance Coin Price Prediction: Volume Action Hints BNB Price is Under Temporary Correction; Buy Again?

Binance Coin Price Prediction: Amid the recent allegation against leading crypto exchange Binance and its CEO Changpeng Zhao (CZ), the BNB price turned down from a combined resistance of a downsloping trendline and $338. Furthermore, this resistance trendline is part of a long-symmetrical triangle pattern that carries an ongoing sideways trendline. Thus, a bearish resistance from the pattern’s trendline has put the BNB price under a temporary correction.

Key points: 

• A symmetrical triangle pattern governs the ongoing sideways trend in BNB price .
• A bullish breakout from the stepper resistance trendline will resume the prevailing recovery rally
• The intraday trading volume in the BNB coin is $389.5 Million, indicating an 11.2% loss

Source- Tradingview

A bearish reversal from the $338 resistance has recorded a 9% loss within the last three weeks and plunged the Binance coin price to its current price of $312. Moreover, the daily time frame chart shows the ongoing correction is led by a steeper resistance trendline assisting sellers in maintaining trend control.

Thus, until this overhead trendline is intact the current correction phase will prolong for a few more trading sessions. 

Also Read: Best Crypto Exchanges For Recurring Purchases In 2023

However, the decreasing volume and daily candle with lower price rejections indicate weakness in bearish momentum. Thus, this ongoing downfall may offer a pullback opportunity to traders before the uptrend resumes.

A bullish breakout from the resistance trendline will be the key signal for the end of the ongoing correction. The potential rally may surge the price 7.5% higher to rechallenge the long coming resistance trendline. 

Technical Indicators

Relative strength index: the daily-RSI slope nosedived below the midline the negative sentiment in the market is rising.

EMAs: the BNB price breakdown from the 20-day EMA slope gives an additional edge to short-sellers. However, the other daily EMAs wavering just below the current price and $300 creates multiple support for buyers

Binance Coin Price Intraday Levels

• Spot rate: $311
• Trend: Bearish
• Volatility: Medium
• Resistance level- $318, $340
• Support level- $300 and $280