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Binance Coin Price: BNB, the native cryptocurrency of the world’s leading cryptocurrency exchange has witnessed a notable downswing amid the recent market sell-off. The Binance coin plunged from $618 to its current trading price of $550 recording a 10.9% weekly loss. Will the four-month sentencing of former <a href="https://coingape.com/doj-sweet-deal-for-binance-changpeng-zhao-faces-backlash/" rel="noopener noreferrer nofollow">Binance CEO CZ</a> increase selling pressure on BNB?
Also Read: <a href="https://coingape.com/bitcoin-correction-analyst-explains-how-this-btc-retreat-different/" rel="noopener noreferrer nofollow">Bitcoin Correction: Analyst Explains How This BTC Retreat Is Different</a>
<h2 id="b-bullish-pennant-pattern-keep-uptrend-intact-for-bnb-b">Bullish Pennant Pattern Keep Uptrend Intact For BNB?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/t/TTsuJwlX.png" alt="BINANCE:BNBUSDT Chart " width="1946" height="893">
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 Binance Coin Price Analysis| Tradingview
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Over the past seven weeks, the <a href="https://coingape.com/price/binance-coin/" rel="noopener noreferrer nofollow">Binance coin price</a> has traded sideways, resonating within two converging trendlines of pennant pattern formation. In theory, this consolidation is considered a short breather for buyers to regain strength and breach the upper boundary for a prolonged rally.
<blockquote>
 However, with the ongoing market sell-off and a four-month prison sentence for Changpeng Zhao, the former CEO of <a href="https://coingape.com/binance-founder-cz-bids-thanks-to-supporters-shares-post-prison-plans/" rel="noopener noreferrer nofollow">Binance</a>, for violating U.S. money laundering laws, the BNB price extends its lateral momentum with no definitive breakout in sight.
</blockquote>
Having said that, the bullish pennant pattern is still intact, and the BNB price trading above the 38.6% Fibonacci retracement level indicates a healthy pullback for buyers to remain in power.
If the bearish momentum persists, the Binance coin may plunge another 5% to retest the lower trendline. The potential demand pressure at this support should uplift the <a href="https://coingape.com/binance-crypto-exchange-hkvaex-ceases-withdrawals-hong-kong-etf-debut/" rel="noopener noreferrer nofollow">BNB price</a> to rechallenge the upper trendline for a breakout.
A successful breakout will release the build-up of bullish momentum and drive a rally to initiate a target of around $770.
Conversely, a breakdown below the pennant support will signal a prolonged downfall below the $500 psychological level.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential moving average. The coin price trading above the daily EMAs (50, 100, and 200) indicates the broader trend remains bullish.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: An uptick in the daily ADX slope at 15% indicates the selling momentum is strengthening and holders must be cautious at crucial support like the lower trendline of the pennant.</li>
</ul>
The post <a href="https://coingape.com/markets/can-binance-coin-price-overcome-market-turmoil-rally-700/" rel="noopener noreferrer nofollow">Why Binance Coin Price Can Overcome Market Turmoil to Rally Beyond $700?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Why Binance Coin Price Can Overcome Market Turmoil to Rally Beyond $700?

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