Binance Coin’s price may experience downtrend as it breaches ascending channel

Malta-based Binance, various developments seem to have no impact on the price of the exchange’s native cryptocurrency BNB as it was seen falling by 3.09 %, at press time. Just last week, the coin plummeted to a low of $15.12 and hit a six month low. The eighth-largest cryptocurrency by market was valued at $15.28 at the time of writing.

Long-term chart of the coin hinted that the price of the coin was on the brink of noting another fall.

6-Hour Price Chart

Source – Trading View

The six-hour chart for the Binance Coin [BNB] formed an ascending channel where the price action was recorded between the two upward sloping lines. One line connected higher highs sloping at $15.74, $15.88 and $16.15, whereas the other trend line exhibited lower highs at $14.69, $15.29 and $15.39. Furthermore, it can be incurred from the ascending channel pattern that the price of the altcoin might fall.

50 moving average line was below 100 moving average line, indicating a bearish market similar to the exhibited pattern. However, MACD indicator revealed the presence of bulls in the market as MACD line was above the signal line.

Conclusion

As per the six-hour chart, the price of Binance Coin [BNB] is headed towards a downtrend as it might breach out of the ascending channel.