BNB Binance Coin comes crashing down
BNBUSDT On June 5, BNB experienced a sharp decline, breaking below the significant support at $280. Although there was a feeble recovery attempt on June 6, the bears prevented the price from sustaining above $280. Selling pressure resumed on June 7, leading the bears to push the price below the crucial support at $265. This is a negative sign, indicating the start of a new downward move towards $240 and eventually the vital support at $220.
For a potential comeback, the bulls will need to reclaim the breakdown level of $265. If successful, the BNB/USDT pair could rebound to $280 and later target the 20-day exponential moving average (EMA) at $299.
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