BNB Technical Analysis - Closing Under $300 Warns Downfall

During the growing bearish nature of crypto market, a correction in market leaders is observed. One such leader is BNB, standing as the Fifth biggest crypto, as per market cap, despite a 30% fall in the last 30 days. Adding to bad news, yesterday, prices gave closing below $300 which is crucial price action and psychological level. This increases fear among BNB holders and could ignite bearish dynamite. 

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Commencing with the market values, BNB's current market price today is $295.4 at 5:30 GMT, with a fall of 1.89% in the past 24 hours, reflects a resumption of bearish trend.

With a prolonged tail formation, BNB prices endure an initial drop under $250 and rebound to the psychological level of $300. However, the aggressive sellers well over the psychological barrier, combined with a shortage of buyers, as shown by the drop in trading volume, reduce the odds of a sustained rally.