Binance Price Drops 11% From All-time Highs, How Low Can BNB Go?

Binance Price Drops 11% From All-time Highs, How Low Can BNB Go?

The Binance Coin (BNB) price is trading at $646 with a bearish bias on June 10. The price has dropped 11% from its all-time high of $725, reached on June 6.

At the time of publication, the exchange token was down 6% on the day, but still remained bullish on the longer timeframes. BNB price was up 7% over the last seven days and 10% over the last month, according to data from TradingView and CoinMarketCap.

It was up 153% over the last 180 days and traded 170% higher than its price one year ago. Will this long-term bullishness cause the price to move higher from the current price?

BNB price at risk of 10% more loses

The BNB price was sitting on immediate support from an ascending triangle’s horizontal line at $634. The market set-up indicated that the price may continue dropping in the short-term.

A close look at the daily chart below showed that the price was trading in a fourth straight bearish session with the sellers determined to pull the price lower. The relative strength index (RSI) was facing downward and the sharp decrease from 80.5 to 54.5 over the last four days indicated the intensity of profit-taking from the all-time highs.

Increased selling could see the price drop below the immediate support at $634 toward $605, a support line embraced both by the triangle’s ascending trendline and the 50-day simple moving average SMA).

A drop lower could see the BNB price drop toward the 100-day SMA which is currently sitting at 580. Such a move would represent a 10% decline from the current levels.

BNB/USD daily chart. Source: TradingView
BNB/USD daily chart. Source: TradingView

On the upside, the price escaped from the ascending triangle on June 4, before making a 15% run-up to new all-time highs two days later. This move was still in play and support from the triangle’s upper boundary could bolster the price higher.

If this happens, BNB will move first toward the all-time highs at $725 and later to the target of the ascending triangle at $753. Such a move would represent a 16% ascent from the current price

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