Peter Smith
⬤ Binance Coin keeps struggling after a sharp drop, still trading below the crucial $668 mark that could flip the trend. The chart shows a brutal breakdown from a rising channel, followed by weak attempts to bounce back—classic signs that sellers are still running the show.
⬤ After falling from the channel, BNB wiped out most of its earlier gains and now sits around the low $600s. Every rally attempt has failed to push back above $668, creating a pattern of lower highs that screams bearish structure. As one analyst put it, "The market structure remains bearish unless BNB can reclaim the $668 zone." This mirrors what happened in BNB bearish range deviation, where failing to hold resistance just added more downside fuel.
⬤ The chart does hint at a possible recovery path, but here's the catch—it only works if BNB actually reclaims that broken level first. Until that happens, this is just a correction, not a reversal. We saw similar action during the Binance Coin reversal zone test, where holding support was the make-or-break moment for any bounce.
⬤ This whole situation shows a bigger pattern across crypto: when prices drop below their old comfort zones, they tend to stay fragile. Recovery attempts keep hitting walls until those lost value areas get reclaimed. For BNB, $668 is that line in the sand—cross back above it, and the conversation changes. Stay below, and the bears keep control.
Peter Smith
