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BNB Eyes Bounce Off Bottom Trend of Channel for BINANCE:BNBUSDT by CoinGape

-BNB has fallen nearly 7% the last week
-Price has rejected off major resistance zone of $329
-200 MA continues to act as barrier

Binance Global Exchange has been getting heat from many jurisdictions the last few weeks but this hasn’t yet to affect the price of Binance coin. BNB is still up nearly 10x from where it was last year as it has generally held its gains well throughout this bearish trend of the overall market. Since the low set on June 22nd, BNB has been steadily reviving as investors seem to be gaining confidence. A large breakout on Bitcoin will likely send BNB right along with it.

The price of BNB has been stuck within an ascending channel for nearly 3 weeks as traders show much indecision regarding the next move of Binance Coin. There have been multiple rejections on both trend lines of the channel which can prove when a break occurs, price will react sharply. BNB has recently turned short term bearish as it experienced 2 rejections in its major resistance zone of $339-$329. Price must break & hold this mark for a strong revival to be seen.

At the time of writing, BNB sits in its major support zone of $309-$315. If bulls fail to hold this mark BNB will visit the bottom trend of its channel which is directly near a minor support of $300. If time passes with price near $300, BNB will have likely broken below its entire ascending channel formation which would be a bearish scenario. If this occurs, price will likely sweep $291- $280. Bulls must break and hold the 200 MA to save Binance coin from this scenario.

While looking at the Stochastic RSI , we can see bears have control as strength is sitting in the oversold territory below 20. Strength must break above 20 to save BNB from further downside. The regular RSI shows indecision as it is playing around the 50 value. If the RSI can hold this mark, BNB will likely have another try at its major resistance zone .

BNB intraday levels

Spot rate: $316

Trend: Neutral

Volatility: Low


Support: $309

Resistance: $329

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