BNB Price Plunges 10%: Sell or Hold?
According to recent news, the Binance coin price has been drifting horizontally over the last three weeks within two convergent trendlines. This BNB Price Plunges 10% showed how to create a symmetrical triangular design.
Logically, this pattern provides a short-time consolidation before presenting a definite move on the side of the breakdown. As a result, during today’s bitcoin market sell-off, the BNB price crossed the trendline of the pattern’s support. Coming soon, it predicts an extended decline.
Key Takeaways:
- The BNB coin’s intraday trading volume is $535.2 Million, representing a 15.4% rise.
- When a symmetrical triangle falls, the selling influence on the price of BNB rises.
- As long as the price is over the 50% FIB mark, the predictions for the Binance currency will continue to be favorable.
- Exponential Moving Average considered that the recent drop in the BNB price provides additional benefits to short sellers.
- The Relative Strength Index faced an intense fall in the 4-hour period.
The Binance coin price decisively broke through the trendline of the triangle patterns support in the 4 hours. To extend the current corrective period, the above-average volume backed the breakdown to demonstrate the sellers’ confidence.
BNB Price Plunges 10%
Nevertheless, there may be a minor tieback in BNB price to retest the cut support as a potential challenge. Appealed traders may grab the BNB coin as a short-selling prospect if the coin shows sustainability above the trendline.
Binance coin price may tremble by 10% to blow the $290 mark after the collapse.
But still, the $290 mark is yet to be above the 50% Fibonacci retracement point. The overall market trend remains optimistic, and long-term traders should be confident.
The technical indicator, the Relative Strength Index, faced an intense fall in the 4-hour chart, considering the insistent selling stress in the market.
While the other technical indicator, Exponential Moving Average, reflects that the recent drop in the BNB price provides an additional advantage to the short seller.
Binance coin spot price is $320, the trend is bearish, and market volatility is low. The coin’s intraday resistance level is between $350 to $375, and the intraday support level is between $300 and $283.
Crypto Community Takes Notice of Groundbreaking News About BNB Price Plunges
Moon Boy took to Twitter and made an announcement that chart Pattern Breakdown Predicts a 10% Drop in the price of BNB.
Crypto Nyan took to Twitter and made an announcement that the trendline of Binance coin price formed this symmetrical triangle pattern over the previous three weeks.
Crypto 411 took to Twitter and made an announcement about the price analysis of Binance. Chart Pattern Breakdown predicts a 10% downfall in the price of BNB.
Do You Know?
- Binance Coin (BNB) is the native token of the Binance exchange, which is one of the largest cryptocurrency exchanges in the world and is used to pay for trading fees on the platform.
- BNB reached an all-time high of over $680 in May 2021, making it one of the best-performing cryptocurrencies of the year.
- Technical analysis of BNB’s price chart suggests that a bearish chart pattern known as a “head and shoulders” has formed, which typically signals a trend reversal and a potential price decline.
- Despite this bearish outlook, Binance continues to expand its offerings and services, including launching new cryptocurrency trading pairs and investment products, which could potentially drive demand for BNB and support its price.
- Binance has faced regulatory scrutiny in multiple countries, including the United States and Japan, which could potentially impact the adoption and value of BNB in the future.
Crux:
In recent news, the price of Binance forms a triangular symmetrical pattern. The chart pattern predicts a 10% fall in the price of BNB. When the symmetrical triangle falls, the selling price of Binance rises. If the price is over the 50% FIB mark, the predictions for the Binance currency will continue to be favorable.