Technical Analysis and Market Entry: The Binance Coin (BNB) Bulls are Laying the Foundations for a Breakout

Binance Coin

Binance Coin has been attempting to stage a rebound and escape from a stubborn bearish trend. Since the price printed an all-time high up at $39, it has fallen victim to a major correction. The drop equates to some 37%, retreating back to the lowest levels seen since 18 May.During the bull run that led BNB to the earlier noted all-time high, price action was very much supported by a key ascending trend line. It was a reassuring area of comfort for buyers, at the time a key part in guiding the price north. The support was active and in play from 19 May, when BNB started to stabilize within the $30 price territory.On 10 July, during the market fall on the back of the all-time high print, the trend line was breached. Momentum to the downside was followed through, which notably picked up pace after the retest and rejection…

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