The BNB price has held above the 38.2% retracement level, maintaining further growth potential for investors. Meanwhile, the recent correction in the crypto market has left several cryptocurrencies vulnerable to a possible plunge toward their 2022 bottom support level.
When the BNB price dipped below $184, it bounced back strong to reach $337, with an 84% increase. The price of BNB briefly broke through an in-between resistance trendline, which had limited bullish growth since November 2019. The breakout from this resistance will give you an early sign that the trend is about to reverse.
The market experienced several pullbacks, replenishing the bullish momentum for further gains. The Binance Coin is responding to a new support trendline, indicating that the cryptocurrency's value could soon recover from these higher lows.
Furthermore, this recent correction has stalled at a support trendline and appears to be heading for an appearance in the morning star candle. This means traders can maintain a bullish bias until the trendline has been restored.
The BNB price has struggled to surpass the $337 resistance for three months. It is range bound but will likely break out soon. The price consolidation with stiff resistance shaped an inverted head and shoulder pattern. Recent price movements have reinforced the pattern's right shoulder formation.
The post-correction rally has significantly increased (6.61%) in the past few days. The coin price is likely to rise 13.8% if the bullish pressure persists and hits $337 by the end of the day today. The buyers should break neckline resistance to accelerate the bullish momentum.
A breakdown from $275 could invalidate the bullish thesis if the selling continues in this market.
Currently, the BNB price is following the bearish trend. It hovers between $272 and $281 level, almost 2% down over the last 24 hours.
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