Binance Coin (BNB) – Remains under bearish controlPosted on Tuesday, March 15 2022 at 8:48 pm GMT+0000
The negative bearing prevails in the native token of the Binance platform, despite the last weeks’ sideways drive, as the falling 2/1 Gann fan angle stretched from the November 8th peak stubbornly managed to reject the latest recovery attempts.
There is speculation for additional bearish sessions given the persistent negative alignment of the 40- and 100-day exponential moving averages, and the bearish picture painted by the oscillators. The RSI is declining below its neutral threshold and its descending trendline, the Momentum indicator is gaining steam beneath the zero line, while the Awesome Oscillator is steering deeper in the negative zone.
In the wake of an uptick of the bearish pressures, the price may drop to the February 24th low at 325, which almost overlaps with the January 24th low. If this crucial floor collapses, the way will likely clear for the 2021 July lowest level at 255.
On the flip side, immediate upside constraints may originate from the curbing 2/1 Gann angle and the adjacent 40-day exponential moving average around 391. Successfully stepping over these obstacles, may boost the price towards the March 1st peak of 428, where the 100-day exponential moving average also resides. While within breathing distance, the February 8th high at 445 will be closely watched, since any violation at that point will upgrade the medium-term picture to bullish, shifting the spotlight to the 3/1 Gann angle ahead of the January 16th high at 505.
In summary, Binance Coin still appears to be under bearish control despite the recent consolidation in the price, and a dip below 325 is expected to trigger the next selling phase.