BNB is trading between support at $ 26.50 and resistance at $ 32.
Both daily and weekly indicators are bearish.
The BNB / BTC pair created a double dip pattern
Binance Coin (BNB) price has struggled to break above the resistance of $ 32 since the end of August.
The indicator have turned bearish and Binance Coin is expected to finalize another fall towards the targeted supports. Then the price could increase again.
Long-term double top of BNB
The price of BNB has been rising since it fell to a low of $ 6.38 in March. The upward movement led to two highs located at $ 33.38 and $ 35.48, in September and then November.
That said, both weekly close were below $ 32, leaving two long upper wicks and strengthening the area as resistance. The move looks like a double top, which is normally seen as a bearish reversal pattern.
Additionally, technical indicators started to turn bearish. The RSI has declined below the 70’s and the MACD and the Stochastic Oscillator are declining
The daily chart shows that BNB was following an ascending support line from its low at $ 6.38 on March 13, and it came back once more to validate it. A move below this line would likely bring BNB down to support below $ 23.
This timescale more clearly shows the deviation above $ 32 (red circle below). This deviation resulted in a steep fall soon after.
Technical indicators are bearish, which supports the possibility that BNB will cross below this line and fall towards the 23 dollars.
Although the two hour chart shows a possible double dip and signs of a bullish reversal, BNB would need to break through its descending resistance line and regain the $ 29 for the short term trend to be considered upward.