- Binance Coin (BNB) slips a major trendline and 9EMA, indicating increased short-term market weakness.
- If BNB fails to reclaim broken support, it could drop toward the $850–$860 range.
- Earlier inverse cup-and-handle pattern suggested further decline, allowing traders to lock in 8–9% profits.
Binance Coin is currently trading below a key support level, marking a possible trend reversal. Market analysts have noted that there is a possible decline in momentum after BNB broke below a key trend line and the 9 EMA, casting a cloud of uncertainty over the market. The question now is whether BNB can hold above the broken trend line or if it continues to decline.
At the time of writing, Binance Coin (BNB) is trading at $874.20, recording a 1.12% decline over the last 24 hours. The BNB currently holds a 24-hour trading volume of $1.17 billion and a market capitalization of $120.41 billion, reflecting a slight cooling in market activity.
Binance Coin Breaks Key Trendline Support
Popular market analyst Alpha Crypto Signal highlighted that BNB is now seen to break a prominent trend line on its 4-hour chart, a line that had been maintained for a considerable number of trading sessions by buyers. This resulted in BNB being placed beneath the trend line as well as beneath the 9 EMA.
Alpha Crypto added that if BNB fails to quickly return above this trend line, the market could perceive this breakout as a sign of a potential transition to a weak short-term outlook. If this price continues to be held beneath this strong diagonal trend line, BNB is likely to test the $860-$850 range, which is now a region of strong interest.
Also Read | BNB Price Outlook: Is a $900 Breakout Possible This Month?
BNB Trade Setup Delivers Strong Gains
Adding to the technical talk, another commentator, CryptoPulse, noted that a previous pattern formation shared on November 19, where BNB was to fall even lower according to a possible inverse cup-and-handle formation.
Although this formation was not fully realized, CryptoPulse explained that a manual exit was called for their members in their Discord channel, locking in a profit of 8-9%, which they found to be a good result, especially for those who leverage trading.
Overall, BNB is currently at a stage where its next move can determine what happens to its short-term trends. Market observers are keenly monitoring whether the coin can get back its lost trend line or if there may be pullbacks to come.
Also Read | Binance Coin Update: BNB Eyes $2,775 Despite $3M Smart Chain Hack
