- Binance Coin price breaks out of its northward move at $360 for a potential retracement to $300.
- The MACD could soon validate a sell signal reinforced by the return of the RSI to the neutral zone.
- The whales supporting the positive BNB price outlook do not seem bothered by the ongoing short-term pullback.
- The 200-day EMA support at $313 could invalidate the reported sell-off at $300.
Binance Coin price trended down 6.0% on Monday after max out a two-week upside move to $360 of support around $256. The native exchange token is trading hands at $331 at the time of writing as the bulls look for substantial support.
Retail investors can wait for a slightly lower price before re-entering the market. Therefore, this retracement could be temporary, especially if high-volume investors, also known as whales, continue to support higher Binance Coin prices.
Binance Coin Price Gives Up Gains as Investors Record Profits
The Binance Coin price rebound seemed unstoppable, but the bulls ran into strong resistance at $360, which prompted a retracement. Short-term support at $330 allowed BNB to make a pit stop. However, his technical outlook might scream sell as the Relative Strength Index (RSI) slips into the neutral region after peaking at 83 in the overbought zone.
BNBUSD daily chart
The declines could extend below $330 and likely revisit a rising trendline with support around $330. However, waiting for confirmation of the sell is essential, especially if the moving average convergence indicator (MACD) drops towards the middle line. A sell signal will occur with the 12-day exponential moving average (EMA) (in blue) crossing below the 26-day EMA (in red).
Possible profit targets on the downside include the 200-day EMA (in purple) at $313, the 50-day support (EMA) (in red), and the 100-day EMA (in blue).
Whales Stay Put as Binance Coin Price Recovers
Binance Coin will likely resume its upward trend much faster than expected if the whales keep their support intact. Addresses holding 100,000 to 1,000,000 BNB tokens currently account for 7.40% of the network’s total supply, up from 6.61%, as recorded on October 29.
Binance Coin Supply Distribution
From chart below, this cohort of investors seem indifferent to the trend correction from $360 to $330. As more whales take ownership of BNB, its price is sure to gain ground, protecting bulls from potentially global losses – and likely leading to a resumption of the uptrend of the BNB. Binance Coin price.