- After BNB broke an ascending trendline, the price saw a sharp drop that touched the $500 level.
- An insider on Ronaldinho’s STAR10 meme on the BNB chain made a profit of $4.94 Million.
Binance Coin [BNB] recently broke it’s ascending trendline, triggering a sharp decline that tested the $500 level before bouncing back to the $560 support zone.
The breakdown of the trendline led to rapid price swings between $732 and $500, where BNB currently trades.
The price is now forming a potential double-bottom pattern, indicating a possible trend reversal if it can sustain levels above $560 and push toward reclaiming the previous trendline near $740.
The next key resistance is around $732 — $740, which coincides with a previous structural high. If Binance Coin manages to clear this level, a continuation toward the $793.00 resistance becomes likely.
Source: TradingView
Failure to break higher and rejection near the $600-$650 range could lead to another sell-off. A break below $560 would invalidate the double bottom and confirm a bearish continuation, targeting the $500 level. Further downside risks could extend toward $400.
The reaction at $560 remains critical. If buyers step in and volume supports accumulation, a recovery toward $650 and higher levels remains possible.
Conversely, a drop below $500 would indicate continued weakness, exposing BNB to deeper corrections toward long-term support at $400.
BNB/BTC historical risk levels
The BNB/BTC historical risk levels chart highlighted a value of 0.199, indicating a low-risk buying opportunity based on past trends.
Historically, high risk (above 0.6) aligned with BNB price peaks, while low risk (below 0.2) marked strong accumulation zones.
Binance Coin’s risk level dropped below 0.2 in early 2021, preceding a massive rally. The price remains relatively strong, hovering above 0.007 BTC, while risk is declining.
Source: IntoTheCryptoverse
If the risk remains low, Binance Coin could attract accumulation and push higher, reclaiming 0.009 or more against BTC.
However, if the risk level surges past 0.4, it may signal a potential sell-off. A break below 0.1 would indicate extreme undervaluation, reinforcing a potential long-term buying opportunity.
In other news, an insider in Ronaldinho’s meme coin on Binance Smart Chain [BSC] invested 48 BNB worth $29,247 to acquire 20.79M STAR10 tokens, as Onchain Lens noted on X.
They have since sold 119,278 STAR10 for 54 BNB worth $33,106, securing profits while still holding 20.68M STAR10 valued at $4.93 million.
This indicates growing speculative activity on BSC meme tokens, increasing transaction volumes and user engagement.
If the trends continue, they could boost BNB Chain adoption. This would lead to higher demand for BNB, potentially driving its price upward as more traders participate.
