Binance Coin recently busted through a long-term descending trend line seen on the daily time frame, indicating that a reversal is in the works. The price has since completed its broken trend line retest and is forming a new rising trend line.

Binance Coin appears to be hitting resistance around $12, though, so a pullback might be needed to draw more bullish energy. Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level lines up with the newly-forming ascending trend line.

This potential support zone also lines up with the moving averages dynamic inflection points. However, the 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that support is more likely to break than to hold.

Then again, the gap between the indicators has narrowed enough to signal that bearish pressure is fading and that a bullish crossover might be due. In that case, Binance Coin could go for a bounce back to the swing high and beyond if the Fib levels hold.

RSI is still heading south so the price might follow suit while sellers have the upper hand. This oscillator has some ground to cover before hitting the oversold region, which suggests that sellers could stay in control for much longer. Stochastic is also on the move down to indicate that selling pressure is in play.

Successful token sales on the Binance Launchpad appear to be fueling demand for Binance Coin itself as these features highlight the potential usage for the platform and digital asset.

The latest sale involved Fetch.AI (FET) that reached its hard cap of $6 million dollars with the sale of over 69 million tokens just 22 seconds on February 25. Recall that this also follows a successful sale of BTT in late January which netted $7.1 million dollars with the sale of 50 billion tokens.

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