![Binance Coin’s [BNB] breakdown beneath $300 means traders can prepare for…](https://i.headtopics.com/images/2023/2/14/cryptoamb/binance-coin-s-bnb-breakdown-beneath-300-means-tra-binance-coin-s-bnb-breakdown-beneath-300-means-tra-1625518982072524803.webp)
Binance Coin's [BNB] breakdown beneath $300 means traders can prepare for...
also saw selling pressure mount in recent days. The news surrounding Paxos and BUSD affected the sentiment behind the exchange token of Binance. Technical analysis showed that further losses were likely.Source: BNB/USDT on TradingView
The failure to break out past the ascending triangle warned traders that a downturn was imminent. The plunge beneath $320 happened on 9 February. On 13 February, the asset retested the same zone at $320 as resistance before the next leg down to $287. The move below $320 broke the H4 market structure and flipped it to bearish. At the time of writing, the bias remained bearish, but a fair value gap was spotted. Highlighted in white, it extended from $295 to $305.
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