Binance Coin (BNB) Price Forming a Bearish Pennant, Is Further Downside Ahead?
Binance Coin (BNB) has been reviving fairly well ever since its low of $227 was set on June 22nd. Price revived nearly 140% in a little under 2 months as the overall market has attempted to regain levels traded at April/May of this year. The Binance platform has been stepping up its regulation side over the last few months but still manages to account for nearly 50% of all volume traded across the crypto market.
BNB price plays in an important role within the Binance ecosystem & will continue to do so as long as Binance Is alive.
After such a strong run up in August, BNB price has began falling since the start of September. Prices are down nearly -20% from the monthly high of $520. Once BNB gave up its support level of $487 a couple days back, price quickly fell nearly $100 in just a few hours. Since the drop, BNB has been holding above its major support zone of $381-$393 very well.
Over the past few days price has began forming a bearish pennant (shown in light blue). If bears pull price below the bottom trend, BNB price will be in for a fall back to $393 at minimum.
BNB Coin Price Analysis: BNB/USDT 4 Hour Chart
BNB Intraday Analysis