June has started quite positively for most coins, including BNB. The play, however, seems to have slowed down. After a strong relief rally, BNB was firmly rejected at the $330 resistance. Since then, the coin has fallen quite substantially. Here are some important points:
- BNB has fallen below $300 despite a decisive bull run over the past week
- The coin could fall back to its $260 yearly support before any leg up
- But a close above $300 will invalidate this bearish thesis
BNB Price Prediction and Analysis
The relief rally we have seen in crypto over the past 7 days has been quite refreshing. However, BNB seems to have lost a lot of momentum after failing to break above the $330 resistance. There could be more downsides though. After trading sideways for most of the day, BNB no longer seems to have any bullish momentum.
Instead, the coin will likely slip further and bottom around its $260 support. This will represent a drop of around 15%. Now, even though a 15% decline is big, it’s not a serious sell-off. If anything, we expect BNB to hold $260 strongly in the coming weeks.
However, there is still a possibility of additional earnings if the token can exceed $300. After all, the coin is only $10 off that price. But despite this, due to a lack of sufficient bullish momentum, we don’t see BNB jumping above $300 in the next few days.
How to trade BNB for now
The downside risk for BNB is capped at $260. Yes, the coin will drop, but bears don’t have enough initiative to breach the strong $260 support. Also, broader sentiment in crypto is getting better.
So a good play would be to wait for the coin to reach $260 before buying. Also, if BNB goes above $300, you can still buy in and exit at $330.
