Taking breaks within the consolidation range, the downtrend continuation in BNB price affects the market value drastically. With a fall of 41% between April 18th and September 11th 2023, the Binance coin price action forms a falling wedge pattern.
Moreover, the declining trend in the 50-day EMA supports the resistance trendline and the bearish side. Nevertheless, the recent recovery rally fuels the altcoin price and leads to the breakout pattern, proving bullish Binance price predictions right.
Despite the resistance trendline breakout of the falling wedge, the BNB price struggles to prolong the breakout rally. With sellers dominating the $219-$220 mark, the sideways trend continues for Binance.
Moreover, the 50-day EMA adds additional bearish support to keep the uptrend in check. As per the Binance coin price action, the possibility of a double top arises as the sellers push back the prices for the second time from $219.
Currently, the BNB price trades at $212 with an intraday fall of 0.56% and warns of completing the bearish pattern with a neckline at $206-205. Completing the bearish pattern will increase the bearish load on the psychological mark at $200, which may nullify the wedge breakout.
Technical Indicators:
EMA: With bears in control of the 50-day EMA, the downtrending average line stands strong against bullish comebacks.
DMI indicator: The ADX line falls sharply, with a declining trend reflecting a major loss in trend momentum. Further, the DI lines remain indecisive for a long time but display a potential bearish crossover.
Will Binance(BNB) Price Reach $250?
Considering the uptrend in the overall market continues, the BNB price may capitalize on the recovery and bounce back from $200. Further, the uptrend may crack above the $220 mark, and the 50-day EMA may prolong the uptrend. In such a case, the uptrend may reclaim $300 soon.
On the flip side, a downtrend below $200 will plunge the Binance coin price lower to new lows in 2023. The key support levels below $200 are present at $180 and $150.
