- Binance is still facing regulatory pressure worldwide.
- The exchange’s daily trading volume remains stable at $30 billion.
- BNB/USD pair appears to be forming a massive bearish pattern.
Binance has been facing regulatory pressure worldwide over the last few months. At the time of writing, the exchange’s daily trading volume remains stable at around $30 billion. However, Binance Smart Chain’s native token, BNB, may soon suffer the consequences.
Moreover, BNB seems to form a head-and-shoulders pattern on its daily chart since February. Besides, the fourth-largest cryptocurrency by market cap currently looks like it’s forming a right shoulder bearish formation.
Looking at the chart, the spike in selling pressure that drives BNB down the head-and-shoulders neckline can cause a significant decline. In addition, breaking the $280 support could mark the start of a downtrend by as much as 65% leading to $98.
Apart from this, the failure of leading candles to touch the $333.89 resistance shows further weakness for Binance Coin. Also, the destruction of the $314.94 support needs to turn into a 3% penetration close below this level. But, the ascending support trendline confirms the breakdown.
Therefore, this opens the door towards $278.12, with $249.72 and the price wall at $222.96/$210.91, forming the additional downside targets.
On the flip side, if the price holds above the trendline and eventually stays above $314.94. Besides, this would give the bulls a chance at targeting a break above $333.89. In comparison, a successful break opens the pathway towards $357.04, with 379.84 as an additional north target.