BNB Price Analysis: With A Downtrend With Ranges, Will BNB Price Breakout To Cross $260?

The post BNB Price Analysis: With A Downtrend With Ranges, Will BNB Price Breakout To Cross $260? appeared first on Coinpedia Fintech News

Breaking under the $300 psychological mark, the BNB coin price struggles to find a solid footing to hold the falling prices. Leading to multiple support levels and a consolidation range breakout, the Binance coin price is under solid pressure from the resistance trendline. 

Currently, the BNB price trend enters a sideways alley between $200 and $230 with the resistance trendline in action. Will buyers manage to push the Binance price higher within the range for a breakout?

With multiple bearish forces in play, BNB price action drops to $215, a 38% drop within five months. Creating lower high formations with the resistance trendline in play, the recent rejection warns of a downtrend continuation below $200.

On a positive note, the Binance coin price maintains a sideways trend following the 6% drop in late August. With a display of buying pressure at the demand belt slightly above $200, the chances of a bullish reversal shine brighter.

Coming to the technical indicators, the MACD lines and the daily RSI line support the demand at $200 and signal a bullish divergence in the last two dips. 

Considering the buyers manage to break above the resistance trendline leading to the range breakout, BNB price is set to skyrocket. Surpassing the $230 zone, the breakout rally will propel the Binance coin price higher to $260.

On the other hand, if Binance Coin closes below $200, it will be a bearish crash. We could see a correction phase that takes us all the way down to $185.