The beginning of June has been quite positive for most coins including BNB. However the coin seems to have slowed down. After a strong relief rally, BNB was strongly rejected at the $330 resistance level. Since then the coin has fallen considerably. Here are some of the highlights:
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BNB has fallen below $300 despite a decisive bull run in the past week
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The coin may fall back to its $260 annual support before any move
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But closing above $300 would invalidate this bearish thesis
Data Source: TradingView
BNB Price Prediction and Analysis
The relief rally we have seen in crypto over the past 7 days is quite refreshing. However, it looks like BNB has lost a lot of momentum after it failed to cross the $330 resistance. However, it may fall further. After trading sideways for the best part of the day, there is no bullish momentum left in BNB.
Instead, the coin may slide further lower and lower around its $260 support. This would represent a drop of about 15%. Now, even if the 15% drop is large, it is not a serious selloff. If anything, we expect BNB to hold a firm hold of $260 in the coming weeks.
However, if the coin can push above $300, there is still room for more gains. After all, the coin is just $10 off this price. But despite this, due to the lack of sufficient bullish momentum, we do not expect BNB to rise above $300 in the coming days.
How to trade BNB for now
Downside risk for BNB is limited at $260. Yes, the coin will fall, but the bears do not have enough initiative to break the strong support at $260. Also, the broader sentiment in crypto is improving.
Therefore, a good play would be to wait for the coin to reach $260 before buying. Furthermore, if BNB rises above $300, you can still buy and exit at $330.
