Binance Coin price could revisit $210 if this level fails to hold

Binance Coin price continues to defy a bullish outlook and slide lower as selling pressure builds up. This development will soon approach a stable support level, a breakdown of which could result in a steep correction for BNB holders.

Binance Coin price in trouble

Binance Coin price printed three lower highs and lower lows since August 12, denoting a bearish trend. On September 28, however, BNB triggered a bullish breakout above the trend line connecting these swing points. 

As a result, Binance Coin price rallied 6% but fell short of retesting the $301 hurdle. Eventually this failure turned into a reversal. The ongoing downtrend is likely to sweep below the $257 equal lows and potentially dip lower due to the current market conditions.

The kicker, however, will be the subsequent support level at $243, a breakdown of which could catalyze an 11% downswing to $216. A retest of this lower level is likely to be a good place for accumulation of BNB at a discounted price. 

So investors looking to buy BNB should be patient whilst market participants hoping to short Binance Coin price can start hunting for entries.

BNBUSDT 1-day chart

While the bearish narrative detailed above makes sense, Binance Coin price needs to shatter and flip the $257 support level into a resistance barrier to confirm it. At the same time there is a chance that a spike in selling pressure that is then rapidly followed by a bounce at this barrier could trigger a sweep of the $301 hurdle.

A daily candlestick close above this level will invalidate the bearish thesis and kick-start an uptrend. This development could see Binance Coin price rally 12% and tag the $337 resistance level.

Note:

The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence Binance Coin price.