BNB Technical Analysis: Selling Within Falling Wedge Warns $200 Fallout

BNB prices action shows another bear cycle starting from the resistance trendline and warns of a downfall below the $200 mark. Key technical points: The BNB market price has decreased by 5.50% over the past 24 hours. The price action shows a downtrend with an increase in trading volume. The 24-hour trading volume of Binance is $1.164 Billion, indicating a rise of 37%. Past Performance of BNB BNB price action exhibits a falling trend in a bearish wedge which is responsible for a fall of 51%, a drop from $400 reaching the 200 mark. However, the actual downtrend began at the $450 mark and the deflation rate incremented to 56%. Source- Tradingview BNB Technical Analysis Bulls attempted to regain the trend’s control at the $200 level, but the demand at $250 and the resistance trendline reversed the 25% bullish rally. Furthermore, the more severe price rejection observed in the daily candles shows an increase in the selling outbursts. This may pressure the downtrend to challenge the buyers in the $200 area. Regarding the technical indicators, the DMI suggests an unsuccessful attempt at a bullish crossover because the DI lines resume their bearish spread. Furthermore, the growing bearish influence on MACD and signal lines attempts to undermine the bullish crossover. The RSI indicator also adopts an unfavorable view when the slope slows down away from its halfway point until it reaches 14 days SMA. Thus, the indicators on the technica...