The BNB Technical Analysis shows a bearish reversal starting within the consolidation range as the news of the BNB hack comes forward. The BNB price action exhibits a long-range consolidation face between the two Fibonacci levels of 50% and 23.60% in the daily chart. Currently, the price action shows a bearish reversal from the overhead resistance signaling the start of a bear cycle. However, the bear cycle starts with the news of a hack in the cross-chain bridge, increasing the possibility of a high momentum downtrend. Key Points: The Binance price action consolidates between $262 and $300 in the daily chart. The bear cycle sabotages the bullish breakout possibility of the double-bottom pattern. The intraday trading volume in Binance is $1.05 billion. Source – TradingView BNB Technical Analysis As we mentioned in our previous analysis, the BNB price fell to the bottom support of $262 and failed to give a breakout, leading to a consolidation range. Moreover, the bearish failure leads to a consolidation range with an overhead resistance of $300. The Fibonacci level of 50% and 23.60% coincide with the consolidation boundaries of $262 and $300. Currently, the price action takes a bearish reversal from the overhead resistance, with an evening star pattern accounting for a drop of 5%. Additionally, the spike in the trading volume supports the bear cycle as the news of a cross-chain Bridge hack circulates within the market. Presentl...
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