Will Binance Coin (BNB) Hold the $650 Mark Ahead of the FOMC Meeting?

As the broader market recovers, Binance Coin (BNB)'s price finds itself on a slippery slope. With a triangle breakout and the upcoming FOMC meeting, will BNB hold the $650 mark?

Binance Coin (BNB) price slipped over 2% on Wednesday as the broader market recovered from recent losses.

The world’s fifth-largest cryptocurrency had a seven-day high earlier in the session at $679. BNB was last seen changing hands at $674, following an intraday gain of 2.01%.

The BNB price showed a trend of alternating red and green days over the past six days. Could this alternating pattern signal a significant drop below the $650 mark?

Binance Coin price hit 7-day low of $637

The BNB coin price trend maintained a bearish alignment as it hit a 7-day low of $637.

However, with the lower price rejection and current intraday recovery, BNB sustained dominance over the 100-day EMA line.

Currently, BNB’s recovery faced resistance near the 61.80% Fibonacci level at $674.95.

The ongoing pullback indicated a potential bearish breakdown of a symmetrical triangle pattern in the larger picture.

The intraday recovery appeared to be a retest of the broken triangle, with the price rejection at the 24-hour high of $679 hinting at a possible continuation of the bearish trend.

Moreover, the 20 and 50 EMA lines were nearing a negative crossover, while the 4-hour RSI was below the halfway mark, signaling bearish dominance.

As a result, technical indicators were currently showing a sell signal amid the triangle breakdown.

BNB Coin price target

Using trend-based Fibonacci levels, the bearish continuation could push BNB below the psychological $650 mark.

If this occurred, the decline could test the 200 EMA at $623.

This dynamic support level was close to the 38.20% Fibonacci level at $628, creating a strong support zone that could serve as a potential reversal point.

In particular, a recovery from $628 could see BNB challenge the $675 resistance level once again.

However, if the bearish continuation failed to gain momentum after a retest, the upside potential for Binance Coin was substantial.

With the upcoming FOMC meeting, any dovish comments could fuel a market recovery.

In such a scenario, the upside targets for BNB would be the $708 resistance level and the psychological $750 mark.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.