Binance Coin (BNB) suffers rejection before hitting $ 30

The BNB has completed an evening star diagram.

Technical indicators are neutral.

There is support at $ 22.50 and resistance at $ 29

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The course Binance Corner (NBB) was rejected on September 30, beginning a fall ongoing. While a near-term rebound is expected, the direction of the longer-term trend remains uncertain.

A lower peak

On September 14, the BNB price peaked at $ 33.35. That said, the price created a Doji candlestick followed by a bullish overlap Japanese candlestick, completing a shooting star pattern. This pattern is known as a bearish reversal.

The decline continued, until price hit a low of $ 22.22 on September 21, validating the $ 22.50 area as support.

On September 30, the price was rejected by the fibonacci level 0.618 of the entire decline, and fell once more. This created a lower high, at a current retracement level.

Technical indicators are neutral. The RSI is moving above 50 but is in decline, and the Stochastic Oscillator appears to have rejected a bullish cross.

Weaknesses responsible for a fall

Crypto trader @devchart shared a BNB chart, claiming the price rose 12% and would have changed the critical resistance of $ 26.50 into support. That said, since that tweet, the price has been rejected and has fallen back below the resistance zone.

The 6-hour chart shows that the fall was preceded by bearish divergences in the RSI and MACD.

At the time of writing this article, the price is moving at the 0.5 fibonacci level of the entire rally. In order to remain valid, BNB will need to hit a low soon and start rising.

Despite an unconfirmed bullish divergence in the RSI, there are no other signs to suggest that price will reverse its downtrend.

The wave count for BNB indicates that the price completed a correction in ABC (in orange below), with a bottom on September 21. The rally that followed looks impulsive rather than corrective (in red) and price appears to have completed a bullish momentum, currently moving into another correction in ABC.

It is not yet clear whether its rise is part of a bigger wave A or a new bullish momentum.

That said, the price should end its correction near $ 24. A decline below this would reduce the chances of it being a bullish impulse. Likewise, a decline below $ 22.10 would negate the possibility that this is the start of a new upward trend.

In conclusion, the price of BNB should find support near $ 24 and begin an upward movement. The direction of the longer-term trend remains uncertain.