Binance Coin (BNB) Creates Second Higher Low Since June 18
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BNB has been falling since making its first lower high in Nov (red icon). At the beginning of May, the downward movement caused a breakdown from an ascending support line, which had previously been in place for 434 days. Breakdowns from such long-term structures area usually a sign of a trend reversal.
Afterward, the price fell below the $250 horizontal area, which had been acting as support since the beginning of the year.
So, BNB has broken down from both a horizontal and diagonal long-term support level.
The weekly RSI is at 30, very close to an all-time low and the upper limit of its oversold region. But there is no bullish divergence that would be a sign of a potential bullish trend reversal.
So, unless the price manages to reclaim the $250 resistance area, the trend cannot be considered bullish.
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