Price Analysis

Binance Price Plummets 15% Since ATH! BNB Coin To Retest Its $550 Mark Soon?

The crypto market has displayed a significant correction of 2.76% in its global valuation within the past day. Moreover, the market leader, BTC Price, has failed to hold its value above the support level, resulting in it recording a 24-hour low of $67,529.42.

Moreover, Binance (BNB) coin price has recorded a strong bearish reversal in its chart after recording a new ATH during the previous week, indicating increased negative influence in the crypto space. With the increased volatility, will BNB price regain momentum or plunge further?

Binance Price Displays A Bearish Reversal:

After trading within a closed range between $568 and $635 for about three months, the BNB crypto regained momentum and broke out of its important resistance level. This resulted in the Binance price experiencing a significant surge in valuation.

TradingView: BNB/USDT

The BNB token added 21.57% to its portfolio within the next six days and recorded a new all-time high (ATH) of $720.67 on 06th June 2024.

However, since then the altcoin has recorded a bearish reversal and has lost approximately 15% in valuation, highlighting increased selling pressure for the BNB token in the crypto market.

Binance (BNB) Coin Market Sentiments:

The technical indicator, SMA, displays a bearish crossover in the 1D time frame, suggesting increased bearish sentiment for the altcoin in the crypto market.

On the other hand, the Moving Average Convergence Divergence (MACD) shows a rising red histogram with its averages recording a bearish convergence, highlighting a negative outlook for the Binance coin price in the coming time.

Will BNB Price Rise Or Fall?

If the market regains momentum, the BNB coin price will test its resistance level of $635. Maintaining the price at that level will set the stage for the Binance token to attempt to retest its upper high of $720.6 during the upcoming weeks.

Conversely, if the bears continue to dominate the market, the BNB token will test its support level of $568. Moreover, if the bulls fail to regain power, the Binance crypto will further plunge and prepare to test its lower support level of $500 this month.

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