Binance Coin appears to be forming a massive bearish pattern that could see the token's price plummet below $100.
KEY TAKEAWAYS
Binance Coin has enjoyed an impressive 32% rally over the last two weeks. Despite the significant gains, BNB appears to have formed a bullish-to-bearish reversal pattern. Losing the $314 level as support could mark the beginning of a steep correction.
Binance has faced mounting regulatory pressure worldwide over the last few months. Although the exchange’s daily trading volume has remained stable at around $30 billion, Binance Smart Chain’s native token, BNB, could soon suffer the consequences.
Binance Coin Could Crumble
Binance Coin is confronting a disastrous standpoint.
BNB seems to have been fostering a head-and-shoulders design on its every day diagram since mid-February. The fourth-biggest digital money by market cap as of now seems, by all accounts, to be framing the right shoulder of the negative arrangement.
A spike in selling pressure that pushes BNB underneath the head-and-shoulders' neck area could prompt a critical decrease. Cutting through the $280 backing could stamp the start of a downtrend by as much as 65% towards $98.
This bearish objective is controlled by estimating the stature between the example's head and neck area and adding that distance down from the breakout point.