![Binance Coin’s [BNB] bearish breakout shows $300 is the next target](https://i.headtopics.com/images/2023/5/10/cryptoamb/binance-coin-s-bnb-bearish-breakout-shows-300-is-t-binance-coin-s-bnb-bearish-breakout-shows-300-is-t-1656321446065348608.webp)
The bulls failed to drive a rally from the $320-$325 region and the bears took the driving seat and looked to drive Binance Coin back to the $300 support
Is your portfolio green? Check the
The bearish breakout beneath the triangle pattern meant that Binance Coin traders can anticipate further losses in the coming days. The psychologically important level of $300 could be tested as support.Since its mid-April surge to $350, Binance Coin has oscillated between the $320 and $340 areas. The past three weeks of trading showed BNB that it has formed a symmetrical triangle pattern . Over the past few days, the lower trendline support was broken and retested by the price.
This showed that bears had the upper hand, and it was followed by a quick descent from $324 to $311. The move represented losses of 4.39% within 32 hours. To the south, the $309 and $301 are levels of support that have been important since February. The RSI was beneath neutral 50 and showed strong downward momentum. Meanwhile, the OBV was inching lower in May, underlining that sellers had a slight edge over the buyers.
On higher timeframes, the $300-$315 region was a strong demand zone. Hence, short-sellers should be wary of sudden short-term rallies. A rising OBV could warn BNB traders of an impending bounce.On 8 May the Open Interest surged higher by close to $6 million. During that time Binance Coin fell from $324 to $316, which showed speculators were shorting the asset in large numbers.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance Coin dips under key support level, can bulls rally againBNB bulls fought to defend key support level but indicators showed that bears continued to have the upper hand.
Read more »
Binance to adopt Lightning Network to tackle this problem related to BitcoinBinance breaks free from network congestion by embracing Lightning Network, while Bitcoin's value tumbles. Thus, raising alarms amid a bearish trend.
Read more »
Bitcoin loses over 2% after Binance halts withdrawals twice, moves $4.4 billion BTC(Kitco News) - Bitcoin has started the week under pressure as Binance, the world’s largest crypto exchange, halted withdrawals of the number-one cryptocurrency twice in 12 hours after a move of 157,000 BTC sparked fears of a mass exodus from the exchange.
Read more »
![Bitcoin [BTC] FUD on the rise: Are Binance and Robinhood to blame?](https://i.headtopics.com/images/2023/5/8/cryptoamb/bitcoin-btc-fud-on-the-rise-are-binance-and-robinh-bitcoin-btc-fud-on-the-rise-are-binance-and-robinh-1655627374224977945.webp?w=640)
Bitcoin [BTC] FUD on the rise: Are Binance and Robinhood to blame?Binance and Robinhood begin to face issues in terms of withdrawals. FUD amongst traders rises as short positions taken increase.
Read more »
Binance launches Capital Connect to bridge institutional investors and fund managersBinance has announced the launch of Capital Connect, a free platform that facilitates connections between investors and investment managers.
Read more »
‘Guardians Of The Galaxy Vol. 3’ Exceeds $300M, Propels Disney To $2 Billion In 2023 So Far'Guardians of the Galaxy Vol. 3' has been burning off the box office, and has just pushed Disney to a big international milestone. As of Tuesday, May 9 the worldwide tally of the third and final 'Guardians' movie has topped $300 million, with Deadline reporting that has propelled Disney to exceed $200 billion at the…
Read more »