Binance Coin (BNB) is approaching a critical price point that could influence its future direction. This comes after two consecutive days of price increases. As of September 1, Binance Coin (BNB) was dangerously close to dipping below $500.
In August of this year, Binance Coin (BNB)’s price formed an ascending channel on the daily chart, allowing the digital currency to climb from $464 to $600. Nevertheless, a subsequent 15% decline posed a risk to this trend, with signals hinting at a possible recurrence of the price plunge observed on August 5th.
The bulls successfully stopped the drop in value, helping Binance Coin (BNB) rise to $536.40. As the price approaches the supply zone between $550 and $560, where sellers tend to outnumber buyers, surpassing this point might be challenging.
In the past, entering this territory has typically led to a decrease in prices unless there is a spike in demand. It seems challenging for Binance Coin (BNB) to break through this resistance because the current level of buying interest may not be strong enough to drive prices up.
