- BNB/USD is falling after reaching the $445 key level.
- The coin is now experiencing a growing bearish influence.
- The market may still go bullish if it reverses around the $368 support.
BNB/USD falling from the $445 key level could be a signal that its bullish trend is coming to an end. The bullish trend began on the 21st of July 2021 after the coin had fallen from a previous rally. The previous rally began at the same level at $250 but was aborted after reaching the resistance level at $332. Binance coin restarted its bullish trend, which drove it steadily and gradually upwards with few hitches along the way.
BNB/USD Key Levels
Resistance Levels: $500, $445, $415
Support Levels: $368, $332, $250
The initial fall of BNB/USD from $332 and its second rally forged the market into a double bottom chart pattern with which the second rally was able to push high. Price pushed up an astronomic 71% in 26 days to reach the $445 price level. However, at the $445 level, price slumped to fall below $415. Since then, the coin has dropped even lower. This is the first time that BNB has gone so long since it began this bullish trend without recovering.
All indications point to a growing bearish influence. Price is currently displaying two long consecutive daily bearish candles. This happened only once other time during the entire uptrend. The coin has traded to the downside of the MA period 9 (Moving Average). Furthermore, the RSI (Relative Strength Index) has its signal line descending from the overbought region. There is, however, optimism that there will be a price reversal on or before the coin reaches $368.
Plotting the Fibonacci ratio on the 4-hour chart, it can be seen that BNB/USD has touched down at the 78.60% optimal entry-level, and price is currently seen to be in a short time uptrend. The RSI indicator confirms an uptrend in price as its signal line has turned to face up. It remains to see if this will grow to become a full-blown market reversal.
A market reversal at this level would see the coin break through $445 and then reach for the $500 key level.
Also read: Binance Exchange – Definitive Guide to Using the Popular Crypto Exchange
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