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Cryptocurrency News Articles
Binance Coin (BNB) Approaches Key Support Level, Lower High Defines Crucial Resistance Target of $300
Sep 28, 2024 at 02:37 pm
Binance Coin (BNB) has found itself under significant selling pressure, and the technical outlook suggests that the price may slide to the $300 level.
Binance Coin (BNB) is facing strong selling pressure, and technical analysis indicates a potential decline to the $300 level. In a recent analysis, X contributor Alan Santana identifies critical resistance levels, suggesting that failure to break through these levels could lead to further bearish price action.
Binance Coin had two major surges in the first half of 2024, one in March and another from April to May. These highs now serve as substantial resistance levels. After these peaks, BNB attempted a bullish breakout in June, but the effort faltered, leading to a more bearish market approach.
After reaching its highest value in June, Binance Coin experienced a sharp decline that continued until August, when it found support at the 0.618 Fibonacci retracement level. This pullback can be traced back to the uptrend that began in October 2023, highlighting a crucial time frame in the coin's price movement.
Binance Coin pulled back slightly after the August low and has now formed a lower high, indicating bearish price action. The next level of interest is the 0.786 Fib retracement level, which corresponds to a price of $314. Given the current market sentiment and bearish pressure, some analysts anticipate that Binance Coin may decline further, potentially reaching the $300 level if it fails to rise above the existing resistance levels in the coming weeks.
As the coin approaches the $300 mark, market participants are closely observing whether Binance Coin will break through these barriers or if the bearish trend will continue. The coin's future direction will likely hinge on its ability to reverse the trend at this critical juncture. At the time of writing, BNB is trading at $593, showing a 0.83% rise over the last 24 hours.
The upcoming weeks are crucial for Binance Coin, as a breakthrough of these levels would pave the way for further price growth, while a failure to do so could lead to a deeper price drop. However, the market is primarily interested in whether BNB can overcome this bearish trend or move towards the next lower target.
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