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Binance Coin (BNB) finds itself at a critical juncture following its recent breakout above a descending trend line that had constrained its price action since August 23. While this development initially sparked optimism among investors, mounting evidence suggests that the current rally may be short-lived, as buying momentum appears insufficient
Bitcoin bulls are trying to push the price back inside the range, indicating that the markets have rejected the breakdown.
Binance introduces the 'Word of the Day' game, offering users a chance to share 500,000 Binance Points. Learn more about the game mechanics and rewards. (Read More)
Bitcoin bears have pulled the price below the support of the range, starting a potential downtrend toward $49,000.
The recent bearish action has seen BNB through a notable reduction as it cut $100 from its price in two weeks. It sits calmly above March’s low while gathering liquidity for the next major movement. Two weeks back, BNB lost grip above the $600 level after recovering strongly from a […]
BNB Incubation Alliance's third edition will take place at Token 2049 Singapore, aiming to foster early-stage blockchain projects within the BNB Chain network. (Read More)
BNB Chain has unveiled a $300,000 TVL#4 Incentive Program to foster DeFi growth. Projects can compete in staking and TVL challenges. (Read More)
BNB Chain marks its fourth anniversary with a focus on expanding its ecosystem and onboarding the next billion Web3 users through innovative strategies and continuous support for developers. (Read More)
Bitcoin bulls are attempting to keep the price inside the current range, but BTC's growing weakness could eventually lead to new lows under $49,000.
Binance has scheduled a wallet maintenance for BNB Smart Chain on September 5.
BNB Chain marks its 4th anniversary with the launch of the One BNB strategy, expanded developer support, and significant ecosystem growth. (Read More)
Bitcoin and altcoins are witnessing end-of-month volatility, but traders remain upbeat about October due to the crypto market's history of strong performance in Q4.
BNB‘s recent rally appears to be losing steam, as the price has dipped below the crucial $600 mark. After a strong upward surge that reignited bullish sentiment, the momentum is now showing signs of cooling off. This dip raises concerns about whether the rally can sustain itself or if a broader correction is on the horizon. As selling pressure increases and the market cools, this article seeks to explore whether BNB’s rally is losing steam after dipping below the key $600 level. By analyzing technical indicators, market sentiment, and price action, we aim to evaluate the potential for a deeper correction or a renewed bullish push. Current Market Conditions: Analyzing The Position Of BNB Recently, BNB has taken a bearish turn on the 4-hour chart after struggling to break above the significant resistance level of $605. This failure to maintain upward movement has led to a decline, bringing the asset down to the 100-day Simple Moving Average (SMA). Furthermore, a breach below this moving average could intensify selling pressure, while a bounce back might indicate a possible reversal. An analysis of the 4-hour Relative Strength Index (RSI) suggests bullish momentum may wane. Currently, the RSI has fallen to around 36%, indicating that the buying pressure is diminishing. An RSI below 40 can signal that an asset is entering oversold territory, which often precedes further declines or the possibility of a price correction. Related Reading: BNB Price Surge Eyes $550 Breakout: Can It Push Higher? Also, on the daily chart, BNB is exhibiting significant negative movement, as reflected by a series of bearish candlesticks. This ongoing downward trend highlights a prevailing selling pressure within the market. Although BNB is currently trading above the 100-day SMA, which is typically seen as a bullish indicator, the strength of the bearish candlesticks suggests that upward momentum may be limited. Finally, on the 1-day chart, a closer examination of the RSI formation reveals that the RSI signal line has dipped to 53%, approaching the crucial 50% threshold. As the RSI approaches this level, it may heighten the risk of additional declines if it falls below 50, reinforcing the bearish sentiment in the market. Will The 100-Day SMA Hold? Currently, BNB is trading just above the 100-day SMA, which has historically served as a strong indicator of market sentiment. If the price breaks below the 100-day SMA, it could trigger increased selling pressure, leading to an extended drop toward the $531 support level. Related Reading: BNB Price Struggles to Hold $500: Is a Breakout Coming? In the event that BNB maintains its position above the 100-day SMA, it may indicate a potential rebound and restore bullish sentiment, allowing the price to begin climbing back toward the $605 resistance level. A successful breakout above this mark could pave the way for more price growth toward other resistance levels, increasing optimism among traders and signaling a more sustained upward trend. Featured image from Shutterstock, chart from Tradingview.com
Binance will perform wallet maintenance for BNB Smart Chain (BEP20) on September 5, 2024, affecting deposits and withdrawals for two hours. (Read More)
BNB is way below its all-time high when charted against Bitcoin, but that could soon change.
Binance Coin (BNB) has found itself under significant selling pressure, and the technical outlook suggests that the price may slide to the $300 level. In a recent X post, Alan Santana defines crucial levels of resistance and notes that if they are not broken, the coin may experience more decline. In the first half of […]
BNB has been steadily climbing in the past few days and sit above $600 now.
Many traders believe Changpeng Zhaos release will send BNB price into the $700 to $1,000 range, but does BNB Chain activity support this view?
Bitcoins break above $65,000 and solid buying in-the-spot BTC ETFs have traders convinced that the bull market is back in full swing.
BNB Chain introduces innovative programs to boost stablecoin integration and adoption, aiming to onboard the next billion Web3 users. (Read More)
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