Binance Coin (BNB) Faces Bearish Pressure: Will It Test The $300-$333 Levels?
The Binance Coin (BNB) is under pressure, and the indications are that it may test the $300 to $333 levels. BNB has become bearish in the recent market trends and closed red for three months in a row and could be heading for the fourth. The price of BNB is still trading below the crucial $523 level, which corresponds to the 0.343 Fibonacci retracement of its bullish move that started in October 2023.
In a recent X post, Alan Santana stated that this $523 level is a crucial level for Binance Coin and the overall health of the market. This level can be said to act as a key barrier when the cryptocurrency is trading below this level bearish pressure is expected to remain dominant. Experts in this case have highlighted that the descending triangle pattern appeared on the chart has been broken to the downside, hence increasing the chances of price drops.
In the previous month, BNBs price action wiped out all important levels and BNB reached its bottom at around $400. If the bearish trend continues, Binance Coin is expected to fall even more, with the prices ranging from $300 to $333.
However, the short term view of this is worrisome; however there are those who think that this is part of the cyclical nature of the market. Corrections such as these are, though, viewed as beneficial in order to remove any redundancies in the market and open up the way for further expansion.
Binance Coins Long-Term Rebound Potential
Although the short term is bearish there is a chance of a long-term rebound. As for the current decline, despite the fact that it looks quite scary, it is characterized as a usual stage of the cryptocurrency markets cycle. This is quite expected especially given that the market has had a history of cycles of growth and decline. The current selling is anticipated to result in a better market environment once the bear market subsides.
Investors and traders are therefore encouraged to exercise alot of caution during this period of high volatility. The last part of this bearish trend is still likely to play out soon, which will pose moreproblems to those who have not yet prepared themselves. Traders have been advised to prepare psychologically and financially for further price declines before the market stabilizes.
Binance Coin is at the moment in a tough zone, and more declines can be expected in the coming days. However, such declines are considered as pan of the regular fluctuations within the crypto market. Thus, as Binance Coin gets closer to the $300 to $333 support level, traders will be eager to see how the asset will perform in the next several months.
Read more: https://www.tronweekly.com/binance-coin-bnb-faces-bearish-pressure-will/
Text source: TronWeekly
