- Binance Coin (BNB) could break out despite Binance’s legal issues.
- BNB’s price dipped to $232.59 after a 3.45% drop.
- Analyst warns of potential bearish pattern with RSI nearing SMA crossover.
In a post today, the cryptocurrency trader and analyst known as Ali disclosed that despite Binance encountering multiple legal issues, Binance Coin
However, Ali mentioned that if BNB were to close above the $260 mark, it could signal the beginning of a bullish trend for the cryptocurrency. Until such a confirmation occurs, he suggests maintaining the current position.
On the last day, the price of BNB fell by 3.45%, as reported by the digital currency monitoring site CoinMarketCap. Consequently, at the time of reporting, BNB’s trading price was $232.59 due to the recent decline. However, despite this loss over the past day, the price of the digital currency over the week still showed a positive increase of +1.59%.
The immediate technical analysis shows that BNB faced a setback at the $240 resistance mark within the last 24 hours. As a result, the price of the alternative cryptocurrency dropped below $230 at the start of the current trading period. However, following this decline, buyers have managed to push the price of BNB back over $230.
If BNB finishes today’s trading above the $230 mark, it could try to reach the $240 resistance level again. A daily candlestick closing higher than $240 would open the way for an increase to $250 in the next several days. On the other hand, if BNB ends the day with a candlestick below $230, it might drop to the subsequent significant support level at $220.
Market participants, including traders and investors, should be aware of an imminent risk of a notable bearish technical pattern forming. As of the latest update, the Relative Strength Index (RSI) appeared to be on the cusp of descending beneath the RSI Simple Moving Average (SMA) line. If this crossover occurs, it may indicate that the selling pressure has overtaken the buying pressure in the trading of BNB.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
