BNB Price Analysis: Will BNB Prices Overcome Regulatory Pressure To Reach $250?
Qadir AK8 Aug 20231 min read
With the US Department of Justice officials considering a fraud charge against Binance, the BNB coin price took a massive hit last week. A remarkable selling spree fueled by FUD, crashed BNB price by 3.63% within a couple of days.
Following the sell-off, the BNB coin price action finds footing at the rising support trendline of the bullish channel.
Currently, the Binance coin price struggled to lift off from the support trendline due to extensive overhead selling pressure. Nonetheless, the BNB price manages a short recovery of 1.50% over the last few days.
Moreover, the recovery rally forms an ascending triangle pattern with the overhead resistance at $245. On a side note, the psychological mark of $250 is a crucial supply spot.
With the trading volume levels cooling off to previous normal levels, the social sentiments seem to improve with a breather phase.
Coming to the indicators, the Stochastic RSI indicator shows a positive trend following a bullish crossover. Moreover, the recent recovery improves the MACD and Signal lines leading to a bullish crossover.
Optimistically, if the bullish recovery is successful, the BNB prices can reach the height of $257 before challenging the next supply spot at $270.
On the flip side, in case of a price drop below the support trendline, the BNB coin price can fall to $222.
