Binance Coin (BNB) struggles to maintain support after turning it into resistance vs tether (USDT) as a bullish structure encounters a roadblock.
Despite exhibiting a strong bullish pattern in recent weeks, the price of Binance Coin (BNB) has seen a period of relative inactivity as market sentiment surrounding the direction of the crypto sector remains uncertain.
Despite having solid fundamentals, BNB’s price fell from $650 to roughly $200, a reduction of nearly 60% from its all-time high. After striking a weekly low of $200, the price of BNB rebounded and recovered to $330, demonstrating considerable resilience.
The price of BNB on the weekly chart began an uptrend after rebounding from its weekly low with such a strong mood that the price climbed to $330, where it encountered significant weekly resistance to trend higher.
On the weekly chart, BNB’s price failed to break above this resistance as the price was rejected, but the price remained to respect the trendline support it has created in recent weeks after making swing highs with strong buy order volume.
On the weekly chart, the price of BNB is $276.1, trading just below the trendline support; if the price of BNB fails to maintain this trendline support and the weekly price closes below this level or zone, we might see the price of BNB fall below its $230 support level.
For BNB’s price to retain its bullish structure, it must retake its trendline support and rise towards the $330 barrier, accompanied by a high number of purchase orders.