Binance Coin's Double-Bottom Reversal: BNB Holds $560 Support, Eyes $793
1min read Binance Coin (BNB) recently experienced a significant price drop after breaking an ascending trendline, touching the $500 level before rebounding to the $560 support zone. The sharp decline followed a period of rapid price swings between $732 and $500, where BNB currently trades.
The price action suggests the formation of a potential double-bottom pattern, indicating a possible trend reversal if BNB can sustain levels above $560 and push toward reclaiming the previous trendline near $740. The next key resistance is around $732 - $740, which coincides with a previous structural high. If BNB manages to clear this level, a continuation toward the $793.00 resistance becomes likely.
However, failure to break higher and rejection near the $600-$650 range could lead to another sell-off. A break below $560 would invalidate the double bottom and confirm a bearish continuation, targeting the $500 level. Further downside risks could extend toward $400. The reaction at $560 remains critical, as strong buyer support and volume could facilitate a recovery toward $650 and higher levels.
In terms of BNB's risk levels against Bitcoin (BTC), the BNB/BTC historical risk levels chart highlighted a value of 0.199, indicating a low-risk buying opportunity based on past trends. Historically, high risk (above 0.6) aligned with BNB price peaks, while low risk (below 0.2) marked strong accumulation zones. Binance Coin's risk level dropped below 0.2 in early 2021, preceding a massive rally. The price remains relatively strong, hovering above 0.007 BTC, while risk is declining. If the risk remains low, BNB could attract accumulation and push higher, reclaiming 0.009 or more against BTC.
In other news, an insider in Ronaldinho's meme coin on Binance Smart Chain (BSC) invested 48 BNB worth $29,247 to acquire 20.79M STAR10 tokens. They have since sold 119,278 STAR10 for 54 BNB worth $33,106, securing profits while still holding 2 