Binance BNB Struggles at $675: Is a Breakdown Looming?

As the broader market recovers, Binance Coin’s price finds itself on a slippery slope. With a triangle breakout and the upcoming FOMC meeting, will BNB hold the $650 mark? After an intraday recovery of 2.01%, Binance Coin (BNB) is currently trading at $674. This follows a brief pullback of 2.72% yesterday. The current BNB price trend shows alternating red and green days over the past six days. Could this alternating pattern signal a significant drop below the $650 mark? Binance Coin Price Analysis The BNB coin price trend maintains a bearish alignment as it hits a 7-day low of $637. However, with the lower price rejection and current intraday recovery, BNB sustains dominance over the 100-day EMA line.

Currently, BNB’s recovery is facing resistance near the 61.80% Fibonacci level at $674.95. The ongoing pullback indicates a potential bearish breakdown of a symmetrical triangle pattern in the larger picture. The intraday recovery appears to be a retest of the broken triangle, with the price rejection at the 24-hour high of $679 hinting at a possible continuation of the bearish trend. Moreover, the 20 and 50 EMA lines are nearing a negative crossover, while the 4-hour RSI is below the halfway mark, signaling bearish dominance. As a result, technical indicators are currently showing a sell signal amid the triangle breakdown. BNB Coin Price Target Using trend-based Fibonacci levels, the bearish continuation could push BNB below the psychological $650 mark. If this happens, the decline could test the 200 EMA at $623. This dynamic support level is close to the 38.20% Fibonacci level at $628, creating a strong support zone that could serve as a potential reversal point. In particular, a recovery from $628 could see BNB challenge the $675 resistance level once again. However, if the bearish continuation fails to gain momentum after a retest, the upside potential for Binance Coin is substantial. With the upcoming FOMC meeting, any dovish comments could fuel a market recovery. In such a scenario, the upside targets for BNB would be the $708 resistance level and the psychological $750 mark.