Will $200 Support Propel Binance Coin's Comeback?BNB's resistance trendline dictates its recent price dips.
Binance hovers at $200, with a morning star pattern suggesting potential reversal.
A trendline breakout could signal a robust recovery in BNB price.
Post breaking the $300 mark in June, BNB consolidates between $230-260, later impacted by market FUD.
Persistent resistance at the 50-day EMA pushes BNB below the $230 support.
A hopeful turn at the $200 psychological mark: Signs of buyers returning with the emerging morning star on the 1Day chart.
A 38% decline in 4 months for Binance contrasts with a 2.28% intraday price boost.
Key reversal hinted with the morning star at the significant $200 support; yet, BNB needs to bypass the resistance trendline for genuine recovery.
Technicals: Stochastic RSI and daily RSI are set for a rebound from oversold conditions. Still, the bearish 50-day EMA, aligned with the resistance trendline, heightens bearish outlook.
If buyer strength persists, $200 emerges as an optimal BNB buy
point, with potential to reach $230 before hitting more resistance.
On the contrary, a dip below $200 could intensify BNB's correction, possibly plummeting to $185.