• Binance Coin has been trading within a range above the $300 psychological support level.
• The bearish market structure of the past ten days has not yet been broken.
• Failure to hold on to $300 could result in an 8% drop for BNB.
BNB Price Struggles At $300
The price of Binance Coin (BNB) is struggling to remain above the psychological support level of $300, after the bearish market structure from the past 10 days failed to break out upwards. A failure to hold onto this key support level could result in a further 8% decline for BNB.
Key Technical Levels To Watch Out For
Fibonacci levels plot important areas that traders should watch out for if BNB drops below the $295-$300 area. These include 50%, 61.8%, and 23.6%, at prices of $268, $289, and $295 respectively. A move above $316 would signify a break in the bearish market structure, allowing buyers to take control of price action once again.
Bearish Market Structure And Low Volume
The RSI on the 6-hour chart was unable to climb above neutral 50, indicating that sellers remain persistent in pushing down prices further. Moreover, low trading volumes over the week suggest waning interest from traders and investors alike as BNB retested its important psychological level of $300 once more.
Bitcoin Rejection From Resistance Adds Bearish Pressure
Adding additional pressure is Bitcoin’s rejection from beneath its resistance at around $27,800 on Monday – a sign that bears are gaining strength across all markets as well. This suggests that further losses may be seen this week should Bitcoin continue its downward trajectory with no signs of recovery soon.
In conclusion, it appears likely that Binance Coin bulls will be defeated in the coming days unless they can defend their key support at around 300 USDT and turn sentiment back towards them by breaking out upwards from their triangle pattern formation or through other means such as an increase in trading volume or strong technical indicators showing an uptrend is taking place