Binance Coin (BNB) Creates Second Higher Low Since June 18
Binance Coin (BNB) is in the middle of a parallel channel that has been in place since Nov 2021. whether it reclaims the midline or gets rejected could determine the direction of the future trend.
The live BNB price today is $226.24 with a 24-hour trading volume of $1,157,265,464. BNB is up 1.71% in the last 24 hours. The current CoinMarketCap ranking is #5, with a live market cap of $36,939,031,861 USD. It has a circulating supply of 163,276,975 BNB coins and a max. supply of 165,116,760 BNB coins.
BNB has been falling since making its first lower high in Nov at the beginning of May the downward movement caused a breakdown from an ascending support line. which had previously been in place for 434 days. Breakdowns from such long-term structures are usually a sign of a trend reversal.
The price fell below the $250 horizontal area, which had been acting as support since the beginning of the year.
Despite BNB has been broken down from both a horizontal and diagonal long-term support level.
Furthermore, the weekly RSI is at 30 very close to an all-time low and the upper limit of its oversold region But there is no bullish divergence that would be a sign of a potential bullish trend reversal.
The daily chart shows that BNB has been decreasing inside a descending parallel channel since Nov. it bounced at the support line of the channel on June 18 it has been increasing since and is now at the middle of the pattern which is providing resistance.
Furthermore, there is support at $208 created by the 0.0618 Fib retracement support level and a horizontal support area a potential breakdown below this area would likely lead to know yearly lows.