BNB: Can bears drive prices to $230?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The market structure of Binance Coin flipped bearish on 16 July, and trendline support was also breached.
• Selling pressure has gained strength recently, and prices were likely to slide lower. 

Binance Coin [BNB] has faced a rough time on the price charts since May. Over the past month, the bulls have managed to defend the $230 level and ventured above $250 once in mid-July. This signaled bullish intent on the higher timeframe charts, with encouraging on-chain data to back it up.

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Read Binance Coin’s [BNB] Price Prediction 2023-24

However, the bears have had control over the market over the past three days. The indicators showed rising bearish pressure and the bulls could be driven back to the $230 mark in the coming days.

Price action and momentum showed bearish bias after BNB fell below $240

On the 4-hour chart, the market structure of Binance Coin was bearish. This has been the case since 16 July, when prices fell below the $243.4 mark, thus breaking the previous higher low. The BNB bulls were unable to defend the trendline support (yellow) as well.

These two factors showed that the price action was firmly in favor of the sellers.

The RSI has been below neutral 50 most of the time since 16 July. Alongside the break in structure, this was another sign that bearish momentum has been steady. The OBV was also in slow decline, further reinforcing the idea of seller dominance in the short term.

The Visible Range Volume Profile indicator showed that the Point of Control (red) was at $243.7. Hence, the $241-$243 region can be used to enter a short position if BNB retested it as resistance. To the south, the $230-$227 support zone would be the bearish target.

So far, the Value Area Low (blue) from the VPVR tool at $237.3 has been defended. Losing this level will strengthen the sellers even more.

Open Interest was flat as speculators remained sidelined

Source: Coinalyze

Although BNB posted losses in the past 24 hours, the Open Interest hardly budged. This suggested neither party had the upper hand, and most speculators were happy watching from the sidelines.

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Yet the spot CVD chart registered a move downward, showing rising selling pressure. This could see BNB prices fall beneath the $237.3 level.

The $237.3 and $233 levels would also serve as support on the way down, but might not put up as big a fight as the $240 level did.