Binance Coin has sustained a downward move after breaking the $15 low. The coin has fallen to $14.93 at the time of writing. This is another breakdown after the bulls retested the 12-day EMA.
Nonetheless, the downtrend has been ongoing after the formation of a bearish double top pattern on May 31. Yesterday’s breakdown reached the low of $14.76 but the bulls corrected upward which was challenged by the bears.
BNB is presently retesting the previous low of May 10. In May, buyers were on hand to push the coin upward. BNB reached its peak price of $18 high. Today, the current support above $14 is likely to hold as the market reaches the oversold region. The market may rebound above $14 if the current support holds. This will propel prices to rise. Meanwhile, the downward move is ongoing to retest the $14 low.
BNB is falling because the price bars are below the EMAs. The market will always rise when the price is above the exponential moving averages. The crypto is below a 25 % range of the daily stochastic. It indicates that it is approaching the oversold region of the market. This suggests that buyers are likely to take control of price. In other words, the selling pressure is likely to be exhausted.
Key Resistance Zones: $24, $26, $28
Key Support Zones: $12, $8, $4
The market has reached the oversold region. It is expected that the $14 support holds. It is also expected that buyers will emerge in the oversold region to push the coin upward. In the meantime, the price action is indicating a bearish signal.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.