Is BinanceCoin (BNB/USDT) Closer to Drop 40%?
Binance Coin has been negative impacted with the ongoing Binance FUD which began with the platform halting the USDC withdrawals. The panicked traders due to the past experiences, withdrew their holding from Binance which is one of the major reasons of the BNB price is experiencing massive downfall. However, the crypto continues to remain within bearish trap as the market sentiments appear to be not favourable for the bulls. Hence, the price may undergo a notable pullback soon.
In case of a bearish breakdown the BNB price which is testing the crucial support zone just below $250 levels is believed to drop below $200 initially and head towards the next target at around $164. If the price fails to hold at these levels, then may end up test the next bearish target very close to $150. A rebound is much expected at each support zone, failing to which the next lower target cay be achieved. Failing to sustain at $150 may revive the bearish market that may drag the price to a 2-digit figure in no time.
However, the Relative Strength Index (RSI) is displaying a bullish divergance, while MACD is closer to flash bullish signals, pointing towards a minor bounce but only for a short term as the trading volume is fluctuating due to which the BNB price is highly volatile at present.
For detailed analysis, visit Coinpedia.org.
In case of a bearish breakdown the BNB price which is testing the crucial support zone just below $250 levels is believed to drop below $200 initially and head towards the next target at around $164. If the price fails to hold at these levels, then may end up test the next bearish target very close to $150. A rebound is much expected at each support zone, failing to which the next lower target cay be achieved. Failing to sustain at $150 may revive the bearish market that may drag the price to a 2-digit figure in no time.
However, the Relative Strength Index (RSI) is displaying a bullish divergance, while MACD is closer to flash bullish signals, pointing towards a minor bounce but only for a short term as the trading volume is fluctuating due to which the BNB price is highly volatile at present.
For detailed analysis, visit Coinpedia.org.
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