Binance Coin Tests $828 Support Amid Bear Flag, Signals Potential Short-Term Pullback

• Binance Coin (BNB) tests critical support at $828, signaling a potential short-term pullback.
• Analysts warn of a possible bear flag formation, which could lead to further downside if breached.
• Next major support level sits at $750, which could determine BNB’s near-term price direction.

Binance Coin (BNB) is indicating a possible short-term pullback as it tests a critical support region. Investors expect a possible bear flag formation, which could be a sign that a further pullback could be possible if major levels are breached. However, BNB is one of the best performers among major cryptocurrencies this year.

At press time, Binance Coin is trading at $854.70, with a 24-hour trading volume of $2.42 billion and a market cap of $117.72 billion. Over the last 24 hours, BNB has declined by 3.89%, prompting attention from crypto enthusiasts and analysts.

Source: CoinMarketCap

BNB Faces Key Support Test

Crypto analyst CryptoPulse pointed out that BNB could potentially be forming a bear flag pattern based on a strong downward movement in the market. Currently, the BNB price is testing the lower region of the bear flag near $828, which may project a short-term bounce if buying momentum begins to accumulate. This area is highly important to determine short-term BNB price movements.

Source: X

If BNB is not able to retain support at $828, then the next major support could be $750, which might become the next target for the coin to fall to. The market’s reaction to this point will reveal whether BNB will continue to remain stable or see corrections in the coming days.

Also Read | Binance Coin Price Outlook: Will BNB Hit $1,000 Before Year-End?

Binance Coin Shows Market Strength

Although there has been a correction in the past few weeks, BNB has remained one of the best performers among major cryptocurrencies this year as well. Analyst Ali Marinez explained that BNB has performed better compared to other major cryptocurrencies, where Bitcoin is down by 4.85%, Ethereum by 7.65%, XRP by 4.27%, and Solana has plummeted by 30.90%.

Source: X

This is even though other leading cryptocurrencies continue to post bigger decreases. Market participants are therefore keen to observe the specific support levels that will soon determine the future direction of Binance Coin, including $828 and $750.

Given the presence of the potential bearish flag and key support areas, it is likely that the short-term market trend of BNB will set the stage for whether it will continue to see corrections or whether it will stabilize to potentially see a recovery.

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