BNB/USD at Risk of Breaking $200 Support as Bearish Flag Forms

• Binance Coin (BNB) has been declining in value despite the strength of the US dollar.
• Technical analysis suggests that BNB/USD is forming a bearish flag pattern which could lead to a move below $200 support level.
• The inability of the market to bounce while other cryptocurrencies hold near their yearly highs indicates other factors weighing on the market.

BNB/USD Vulnerable to Move Below $200

The US Dollar Strength Is Not Responsible for Bearishness

Bitcoin and most major cryptocurrencies have seen strong gains in 2023, but one exception is Binance Coin (BNB). After initially following Bitcoin’s lead and rallying at the start of the year, it has given up all its gains and some more – not due to the US dollar’s strength, but rather due to bearish pressure building near the $200 support level.

Possible Bearish Flag Pattern Suggests Breakout Below $200 Support Level

Technical analysis shows that BNB/USD may be forming a bearish flag pattern, which is a continuation pattern typically seen in downtrends. If this is indeed true, then it suggests a breakout below $200 support level with a measured move pointing towards prices as low as $150.

Other Factors Weighing On The Market

Investors should be worried about the inability of BNB/USD to bounce while other cryptocurrencies remain near their yearly highs, indicating there may be other factors weighing on the market different than just US dollar strength.


The technical picture for BNB/USD suggests that it may break below its current support level of $200 if it continues with its bearish trend and forms a bearish flag pattern. Other factors are also likely contributing to this decline which investors should keep an eye on when trading or investing in this cryptocurrency pair.