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TECHNICAL ANALYSIS OF THE PRICE OF BNB: Is $BNB Deepening Its Bearish Trend?
The recent 4-hour chart analysis of Binance Coin ($BNB) reveals a bearish breakout from the triangle, supported by multiple indicators. This critical development suggests that the short-term bearish trend remains dominant, with potential targets in the $500-$510 zone.
Key observations and findings:
* **Bearish Breakout**: The price action has broken out of the triangle formation, indicating a loss of bullish momentum.
* **RSI and MACD Setup**: Both indicators are aligned, suggesting a continued downward trajectory. The RSI (14) is approaching oversold levels, potentially attracting buyers, but this would require further correction.
* **EWO Convergence**: The Elliott Wave Oscillator (EWO) has converged slightly below the escape band, signaling a shift in momentum that aligns with the bearish trend.
While it’s possible that a temporary pullback towards the ascending trendline could occur, the overall technical picture suggests a deeper descent for $BNB.
