BNBinance Coin takes a dive

BNBUSDT

The price of BNB experienced a sharp decline from $305 on June 5 to $220 on June 12, indicating a significant 27% fall within a few days and affirming the bears' strong control. The RSI's deep oversold territory suggests the possibility of a relief rally in the coming days. In such a scenario, the BNB/USDT pair could initially rise to $240 and then attempt a rally towards the 38.2% Fibonacci retracement level of $252.50.

However, if the price turns downwards from this level, it would indicate persisting negative sentiment and continued selling by traders during rallies. The bears will then make another attempt to push the price below $220, potentially causing a nosedive towards $200 and subsequently $183.