https://ift.tt/3AADu7P Coin (BNB) Reaches Double Bottom at $335 Support

BNB has regained its footing after a considerable decrease to support and looks ready to initiate a momentary rally.

On May 10, BNB realized an all-time excessive rate of $692 before descending sharply. After a prolonged period of consolidation, it approached these levels one time before more but only managed to reach $669 on Nov 7. It has been descending afterward then and has decreased by 45%.

The descending move led to a local low of $336 on Jan 24. The low served to conclusiveate the $335 range as support. Previously, the field had acted as resistance in July 2021 (red icon) before turning to support in September (green icon). Therefore, it’s possible that the level will be able to boost the cost up from here one time before more.

Future BNB developmentment

Cryptocurrency trader @CryptoTony_ tweeted a BNB chart, stating thretained could potentially hopt at the $325 horizontal support field.

Technical indicators in the daily time frame do not yet legitate that a bullish retraction will transpire. Yet, the daily RSI is showing extremely atopsold readings of 20. The RSI is a momentum indicator and rates below 30 are often contemplated a sign of an oversold market. 

The reading is even lower than that during the July 2021 bottom (red icon), that preceded a considerable skyward shift. 

Assuming that BNB is able to move ascendings from here, the closest resistance field would be found near $503. This is the 0.5 Fib retracement resistance level and a horizontal resistance field.

The two-hour chart shows that BNB recently deviated atop the $387 resistance field (red circle) before plunging back below it.

The trend afterward Jan 22 looks like an A-B-C corrective structure. Therefore, this time frame supports the likeliness that the trend is over again bearish.

Wave count analysis

The wave count is not entirely clear, but there are two main possibilities for what could happen from here.

The first suggests that the cost shift afterward the July 2021 lows was part of a leading diagonal. In this matter, the ongoing decrease afterward November 2021 is only a correction, and BNB will finally change towards new highs.

The second count suggests that the entire BNB decrease afterward April is part of a large A-B-C correction (white). In this scheme, BNB is completing sub-wave four (red) of a five-wave descending progress, and after a rebound, it could last collapsing back towards $200.

A progress over the sub-wave 1 low (red line) at $510 would inscarcelyify this particular wave count.

Since both counts indicate that a interim increase is possible, the shape of the ascending development should help in determining that of the counts will transpire.

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