The BNB prices revert to reassert their dominance at the psychological mark of $300, but the increased sales warn of a bullish failure. Key Technical Points: The Binance (BNB) market price action shows a morning star pattern formation after taking support at the ascending trendline. The relief rally over the weekend breaks above the 50 and 100-day EMA. With a market cap of $47.90 billion, the intraday trading volume of Binance has increased by 7% to reach $1.26 billion. Past Performance of BNB The Binance (BNB) price action displays a remarkable increase in selling pressure from the 200-day EMA, resulting in a bearish turnaround. The downtrend bricks below the 50 and 100-day EMA and the psychological mark of $300. However, the downtrend takes support at the ascending trendline and forms a morning star pattern to reassert its dominance. Source – Tradingview BNB Technical Analysis The BNB price action displays a 6.38% jump this weekend to form a bullish engulfing candle, closing above the $300 mark. However, the current bearish candle undermines the bullish attempt and projects a high likelihood of a downtrend continuation. The RSI indicator displays a bullish reversal in the RSI slope crossing above the halfway line after a fatal dip into the nearly oversold zone. Moreover, the increasing bearish gap between the fast and slow lines projects a rise in selling pressure. Hence, the technical indicators support the bearish intentio...
