BNB is trading below an important trend line. With the cryptocurrency market back under pressure, can the Binance coin price recover from here?
Binance Coin is last trading at $332.98, lower by $0.8150 (-0.22%).
The crypto market has sagged lower over the last week on light trading volumes and an apparent lack of interest. Losses have been widespread across the complex, however some coins and tokens have fared better than others.
BNB has held up relatively well and lost around 4% over the last 7 days. However, it has broken below the support of a rising trend line, which could signal a return below $300.
The market had enjoyed a positive start to the week following Bitcoins ascent above $40,000. However, in what has been typical of late, BTC failed to hold on to gains, losing the $40k threshold and dragging the rest of the market with it.
BNB Technical Outlook
The 4-hour chart shows the Binance Coin price has broken below an ascending trend line from the end of May. The sup[ortive trend at $340 was initially breached in Friday’s trading session. Yesterday, BNB did attempt to reclaim the line but failed the retest.
I would consider this to be a negative sign and reinforces the validity of the previous support level, which now offers resistance.
Some additional areas of support can be seen below the market. First and foremost is $318.50. This was a previous low on the 8th of June, and potentially the only thing stopping BNB from losing the $300 mark.
Below that, the 29th of may low, and the start of the trend line, at $290, becomes the next logical target. Finally, a broader sell-off in the crypto market could send Binance Coin towards the multi-month low of $211.
However, for now, BNB is stable and showing no immediate signs of collapse.
Furthermore, Bitcoin is treading water above $35,000. Should BTC start to improve, BNB may reclaim the trend at $340. This would cancel the negative outlook and potentially lead to further gains.
Binance Coin price Chart (4-Hour)
Follow Elliott on Twitter.