BNB could retest March low of $265 after selling pressure saw price crack two consecutive support levels.
Sustained selling pressure forces range breakoutBNB has been on a bearish slide since 18 April after the price was rejected at the $350 resistance level. The bearish momentum saw the price crack the $318 support level before a bullish rebound at the $303 support level halted the selling pressure. The bulls’ staunch defense of the $303 support saw price trade sideways, as attempts to rally was met with stiff resistance at the $318 resistance level.
Over the past 48 hours, price hovered just above the support level and recent events might have accelerated the break of the level. The markets reacted negatively to the SEC’s lawsuit against Binance with investors fleeing from BNB to the safety of stablecoins. The sustained selling pressure on the 12-hour timeframe saw BNB smash the $303 and $283 support levels.
In the meantime, the Relative Strength Index remained in the oversold area with a reading of 19. The Chaikin Money Flow also stood at -0.16. Both indicators together revealed the weight of the selling pressure was bearing down on buyers. An advancement in bearish activity could take BNB’s price to the March low of $265. If bulls are unable to rally before then, the $265 price zone could serve as a potential stronghold for a sustained bullish reversal.showed heavy bearish sentiment among market speculators. The active addresses as of 31 May were over 20k. However, it experienced a sharp drop and stood at 5.3k, as of the time of writing. This large decline in BNB interactions inferred that prices could sink lower.
With the SEC lawsuit looming large over Binance, traders should exercise caution to avoid volatile price movements.
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