- Binance’s BNB has been crashed by the bear crypto sentiment and falling transactions.
BNB has attempted to break above $240 resistance without success.
The cryptocurrency faces a drop below $200 after a bearish breakout.
Binance coin BNB/USD trades at $225 in a bear market. The price is still decent compared to its low of $184 in mid-June. It is still significantly lower than its all-time high of almost $700 reached in 2021. However, our attention is drawn to a failed breakout at $240. The token now faces a possible decline to below $200.
BNB has been falling alongside other cryptocurrencies. Ranked 5th by market cap, the token carries high utility since it powers the world’s largest crypto exchange. Following the bear market, the Binance ecosystem has been experiencing lower transactions. Falling DeFi and NFT markets have also lowered the demand for BNB tokens. BNB has subsequently trended down with the bear market.
BNB breaks below an ascending triangle
Source – TradingView
From the lower time frame, BNB remained bullish until it hit resistance at $240. A continuation of bullish momentum was expected if BNB breached the resistance. A renewed crypto weakness has caused a break below the ascending triangle. The MACD indicator is in the bear zone. The short-term moving averages are also above the price and offer resistance. BNB is still bearish unless it turns $240 into support. At the current price, the cryptocurrency is a sell for short-term investors.
BNB’s continued recovery is tied to the ability of bulls to push the price above $240. With the price remaining below, BNB will remain in a bear zone or continue consolidating. The latest bearish breakout exposes BNB to the $188 support. Price could fail to slide below $200 if the minor support at $206 holds.