Positive Signals Amidst the Downtrend
On a positive note, the Binance coin price maintains a sideways trend following the 6% drop in late August. With a display of buying pressure at the demand belt slightly above $200, the chances of a bullish reversal shine brighter.
Technical Indicators
Coming to the technical indicators, the MACD lines and the daily RSI line support the demand at $200 and signal a bullish divergence in the last two dips.
Considering the buyers manage to break above the resistance trendline leading to the range breakout, BNB price is set to skyrocket. Surpassing the $230 zone, the breakout rally will propel the Binance coin price higher to $260.
Potential Bearish Scenario
On the other hand, if Binance Coin closes below $200, it will be a bearish crash. We could see a correction phase that takes us all the way down to $185.
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