Binance Coin (BNB) Failed Breakout Leads to Re-Test of Old Support – BeInCrypto

Binance Coin (BNB) Failed Breakout Leads to Re-Test of Old Support – BeInCrypto

-There is resistance and support at ₿0.00184 and ₿0.00168, respectively.

-The price is likely in the final wave of a short-term impulsive Elliott formation.

-BNB/USD is facing support at $18 and resistance at $21.50 and $27.

At the beginning of July, Binance Coin (BNB) broke out above a long-term resistance area, signifying that it had begun an upward movement. However, the price fell back below the breakout level on July 27 and is currently back inside its previous range. Long-Term Consolidation Since the beginning of May, the BNB price has been mostly trading between the ₿0.00168 and ₿0.00184 levels.

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Valdrin Tahiri

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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