Binance Coin (BNB) price stops its recent decline from its all-time high of $721.8 registered on June 6 and raises more than 2% on Wednesday.
Binance Coin price is nearing the lower end of the upward trendline, a critical support that could lead to a rebound. BNB could find support around $581.9, the 61.8% Fibonacci retracement from the mid-March to June move. A daily candlestick close below $559.6 would invalidate the bullish thesis. Binance Coin price stops its recent decline from its all-time high of $721.8 registered on June 6 and raises more than 4% on Wednesday.
This level aligns with the ascending trendline, which has historically provided support on several occasions, as depicted in the chart below. If this support holds, then BNB could rally 12% from its current trading price of $627to tag $698.9, the lower boundary of its previous daily bearish order block area extending between $698.9 and $710.9 from June 6. A bearish order block is an area where market participants, such as institutional traders, have placed huge sell orders.
Cryptocurrencies Technical Analysis
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