An additional 2% gain in the past 24 hours has sustained BNB’s bulls in the latest recovery. While it traded in a green zone over the past few days, the trend remains bearish daily with no signs of reversal yet.
Breaking lower this month, BNB found support after rejecting the $455 low a week ago. It bounced back and it is now trading at a resistance of $536 – the May support level that flipped during last week’s crackdown.
The price appeared strong on the day despite a slight rejection but the bulls’ commitment seemed not enough to push through the resistance. An increase above this resistance could allow recovery to June’s low.
But looking at the market structure, which still reveals a downtrend, BNB may break lower soon. If this scenario occurs, the recent monthly low may be revisited with a potential breakdown.
While such a setup is capable of causing more pain in the market, it should provide a huge discount for…
