Binance Coin A new price drop may be on the way for (BNB). In the first period of this month, BNB hosted a 20% increase after the deep drop experienced on August 5. Despite this, the value of the cryptocurrency has decreased by 1% in the last 24 hours. The negative outlook that emerged may be the harbinger of a new decline.
Binance Coin (BNB) Reviews
As of press time, BNB continues to find buyers at $546. A daily chart review shows a bearish flag emerging, suggesting that the recent decline in the technical formation may be gaining strength. A bearish flag is typically seen when the slope of a downtrend meets a parallel channel connecting the highs and lows of a short-term uptrend. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Looking at the chart below, there is an almost vertical flagpole showing how the bulls initially lost power against the bears. It would not be wrong to say that this process was followed by a profit-taking process.
Along with the profit taking process BNB It was seen that the price fell from its periodic peak of $ 600 to $ 552. Despite the pullback in price, the formation of a bearish flag can be interpreted as the downtrend is not over yet. If the mentioned formation is confirmed, BNB may experience a new decline towards $ 500.
How Many Dollars is BNB?
In the analysis of the BNB price in accordance with the daily chart, the points where the Fibonacci retracement levels were located were important. Fib retracement levels, called in short form, are generally known as horizontal lines showing support and resistance levels.
Each Fibonacci level is expressed in specific percentages or ratios used to determine the highest and lowest levels. The basic levels are 23.6%, 38.2%, 50%, 61.8% and 78.6%. If the buying pressure in BNB strengthens, the price of the altcoin may move towards the next Fib level in the upper range.
However, considering the current downtrend and the state of the charts, the price of BNB could drop to $526, where the 61.8% gold level ratio is positioned. An increase in selling pressure could cause the price to drop below the $500 support, potentially leading to a move to $472.
But if things turn around and the price bounces back BNB It may protect the psychological support level of $500, in which case the price may be seen rising again to $564 or even $601.90.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
