Binance Coin Under Pressure: $300 Target Looms If Key Resistance Holds
Binance Coin (BNB) has found itself under significant selling pressure, and the technical outlook suggests that the price may slide to the $300 level. In a recent X post, Alan Santana defines crucial levels of resistance and notes that if they are not broken, the coin may experience more decline.
In the first half of 2024, Binance Coin had two major surges, the first one in March and the second one from April to May. These highs now represent significant resistance levels and since this time, BNBs try at a bullish breakout in June has faltered which has resulted in a more bearish approach.
Binance Coin after reaching its highest value in June dropped sharply and continued the fall until August when it was able to find support at the 0.618 Fibonacci retracement level. This pull back could be observed from the uptrend that started in October 2023, making it a significant time frame to watch in the price of the coin.
Binance Coin Approaches Key Support
BNB pulled back slightly after the August low and has now formed a lower high, which is bearish. The following level of interest is the 0.786 Fib retracement level, which coincides with a price of $314. Looking at the current market sentiment and bearish pressure, some analysts expect Binance Coin to drop even lower and possibly touch $300 if it cannot rise above the existing resistance levels in the next few weeks.
People are now paying attention to whether the Binance Coin will break through these barriers or if the bearish trend will continue. This puts the market participants on the spot as the coin approaches the $300 mark and its future could likely depend on whether it could turn the trend around or not. As of press time, BNB is trading at $593 showing a 0.83% rise over the last 24 hours.
The next few weeks are important for Binance Coin, as a breakthrough of these levels would open the way to further price growth, while the failure to do so can lead to further price drop. For now, the market is still more concerned with whether BNB can break through this bearish trend or move towards the next lower target.
Read more: https://www.tronweekly.com/binance-coin-under-pressure-300-target-looms/
Text source: TronWeekly
