- Binance Coin price is nearing the lower end of the upward trendline, a critical support that could lead to a rebound.
- BNB could find support around $581.9, the 61.8% Fibonacci retracement from the mid-March to June move.
- A daily candlestick close below $559.6 would invalidate the bullish thesis.
Binance Coin (BNB) price stops its recent decline from its all-time high of $721.8 registered on June 6 and raises more than 4% on Wednesday. BNB is poised for a potential 14% rebound as it approaches a critical support area, known for its historical reliability in providing price support
Binance price eyes for a recovery
Binance coin reached a new all-time high (ATH) of around $722 on June 6, after which it crashed 16%.
Sideline inventors looking for a buying opportunity can accumulate BNB at $581.9, the 61.8% Fibonacci retracement level traced from the swing low of $495.4 on May 19 to the swing high of $721.8 on June 6. This level aligns with the ascending trendline, which has historically provided support on several occasions, as depicted in the chart below.
If this support holds, then BNB could rally 12% from its current trading price of $627 to tag $698.9, the lower boundary of its previous daily bearish order block area extending between $698.9 and $710.9 from June 6. A bearish order block is an area where market participants, such as institutional traders, have placed huge sell orders.
The Relative Strength Index (RSI) briefly dipped below the 50 mark, and the Awesome Oscillator (AO) appears to be following suit. If bulls are indeed making a comeback, then both indicators should remain above their respective mean levels. This scenario could provide additional support to the ongoing recovery rally.
BNB/USDT 1-day chart
However, if BNB's daily candlestick closes below $559.6, it would form a lower low in the daily time. Such a development would give rise to a bearish market structure. This change in market structure would invalidate the bullish thesis and catalyze a 12% crash in the Binance Coin price to revisit the previous support level of $495.4.
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