BNB prices set to descend after the sweep of $250 as...
had a bearish outlook in the 1-day timeframe. It appeared likely that the token would drop further, toward $220 or lower in the coming weeks.The 1-day chart showed a bearish structure that formed on 8 May, after the drop below $315.3. This level was a previous higher low. Binance Coin was stuck within a range formation in May. Thereafter, BNB formed a series of lower highs and lower lows on the market.
This trend continued in June. While the daily timeframe showed bearish momentum, the 4-hour chart showed signs of bullishness. Buyers had a brief victory when BNB prices pumped past $250, but could not defend the level. Binance Coin dropped beneath $240 shortly after that. Meanwhile, the RSI on the 1-day chart remained well below neutral 50, showing strong bearish momentum. The OBV was fighting to climb higher but has not made significant headway in the past two weeks.The weighted sentiment behind a crypto asset generally has a positive correlation with price movements. At the time of writing, the sentiment was negative behind BNB, which was not surprising given the price trend.
Overall, the market sentiment remained bearish and sellers were dominant in the higher timeframe. If BNB falls beneath the $225-$230 area, $220 and $205 are the next support levels to watch.
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