BNB Price Analysis: BNB Price Nearing $260 Yearly Support; Another Breakdown?

The Binance(BNB) relief rally turned down from the $330 resistance, indicating the prevailing downtrend’s resumption. Thus, the resulting downfall tumbled the altcoin price by 15% as it continued to crawl towards the yearly support of $260. 

Key points

The 20-day EMA provides constant resistance to the BNB price.

The vortex indicator reflects a bearish crossover in the daily time frame chart.

The intraday trading volume in the BNB price is $1.79 Billion, indicating a 53% gain.

BNB/USDT ChartSource- Tradingview

In April, the BNB/USDT pair witnessed a steady fall under the influence of a descending trendline. However, on May 6th, altcoin breached monthly support of $385, and the recent bloodbath in the crypto market significantly accelerated the selling pressure.

The resulting downfall plunged …

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