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BNB faces selling pressure after breaking uptrend line, says analyst
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On Friday, November 1, Binance Coin (BNB) saw light trading above $578 after being rejected at a crucial level and closing below its rising trend line, signaling a possible bullish reversal for low in the market.
According to technical analyst Manish Chhetri, this breakout could pave the way for a downward trajectory for the cryptocurrency, supported by technical indicators that reinforce a pessimistic view.
“BNB demonstrated weakness after repeated rejections at its daily resistance level of $612.5,” explains Chhetri.
The analyst points out that, upon retesting this resistance on Tuesday, BNB lost more than 5%, at which point it closed below the upward trend line — drawn based on multiple lows since the beginning of August.
BNB Price Analysis
As Chhetri highlighted, the break in this line indicates a loss of buying strength. Now, BNB faces additional selling pressure.
On Friday, BNB was slightly above $578.7, a point testing the trendline breakout. If the cryptocurrency’s price encounters resistance close to US$580, Chhetri’s forecast points to a possible drop of 8%, with the price returning to the low recorded on October 3, of US$534.3.
He highlights that a close below this level could pave the way for a further 12% pullback, taking BNB to the next support, around $471.3.
Technical indicators corroborate Chhetri’s bearish view. The daily Moving Average Convergence Divergence (MACD) chart, for example, showed a bearish crossover on Wednesday, issuing a sell signal. Furthermore, according to him, the red histogram bars, which appear below the neutral line, indicate that the bearish momentum is gaining strength.
Another indicator signaling selling pressure is the Relative Strength Index (RSI), currently at 47, below its neutral level of 50.
“The RSI below the equilibrium point reinforces the downward scenario, showing a loss of buying strength in the market”, says Chhetri.
BNB faces selling pressure after breaking uptrend line, says analyst
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BNB faces selling pressure after breaking uptrend line, says analyst
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BNB faces selling pressure after breaking uptrend line, says analyst
