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Binance Coin (BNB) Defends $637 Support as Rally Stalls: Is a Rebound to $758 Still Possible?
Binance Coin has shifted into a sideways movement and now risks a pullback to the $637 support level. This short-term struggle is accompanied by a significant drop in the RSI, falling from the overbought zone near 75 to the 14-day simple moving average.
As bullish momentum fades, the likelihood of a deeper correction increases significantly. However, due to the ongoing breakout rally, the 50-day and 200-day exponential moving averages are nearing a golden crossover.
This crossover could trigger a bounce in Binance Coin, presenting an entry opportunity for price action traders. Additionally, the breakout from the falling channel pattern projects a 25% potential rally from the breakout point, targeting the $758 level.
However, a drop below $637 could test the 200-day EMA at $615. If the decline extends below the broken support trendline near $600, the bullish breakout pattern will be invalidated.
