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Crypto: Once Crossed, BNB Drops Below Previous Peak: June 19, 2024 Analysis.
Binance Coin has reached its latest surge, allowing it to break its latest ATH. Let’s examine BNB’s future prospects together.
BNB price situation
BNB has sparked buying interest since the $200 level, which has continued to be fueled. Thanks to this, it quickly reached US$300, then US$600. At this last level, the BNB Price consolidated in the form of an ascending triangle before recently breaking its last all-time high above $700. Unfortunately, it appears that this rise was not sustained, having been absorbed by sellers in less than a week.
At the time of writing this text, BNB is trading close to US$600. This last psychological level could be identified as a short-term support, having already acted in the past and corresponding to an important value area. It is interesting to note that this level is also where the 50-day moving average is located. A recovery from this would be more reassuring with regards to the continuation of BNB’s upward trend. In terms of cryptocurrency momentum, it is noticeable that there was an acceleration that, unfortunately, was not sustained, as can be seen from the price itself and the oscillators. Not surprisingly, this does not strengthen buying convictions in the short term.
The current technical analysis was carried out in collaboration with Elie FT, an investor and trader passionate about the cryptocurrency market. Today a coach in Family Negotiationa community of thousands of proprietary traders active since 2017. You will find Lives, educational content and mutual support in the financial markets in a professional and friendly environment.
Hypotheses for BNB Price
- If BNB price remains above $600, we can anticipate a bullish resumption all the way to BNB’s ATH at $725. The next levels to be discovered would be $800 or even $900, corresponding to the Fibonacci extensions taken into consideration in the latest fluctuations. At this stage, this would represent an increase of more than 50%.
- If the BNB price does not stay above $600, we could consider a return around $500. The next support to consider, if the bearish movement continues, would be around $400. At this stage, this would represent a drop of around 34%.
Conclusion
BNB experienced rapid growth followed by breaking its all-time high. The cryptocurrency’s recent decline shows a lack of support, creating uncertain dynamics in the market. However, BNB’s medium/long-term structure, being bullish, continues to support optimism. Thus, it is best to closely observe the price reaction at different key levels to confirm or refute current hypotheses. It is also important to remain vigilant against potential market “spoofs” and “squeezes” in each scenario. Finally, let us remember that these analyzes are based only on technical criteria and that cryptocurrency prices can also evolve quickly depending on other more fundamental factors.
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Family Negotiation
Family Trading is a community of traders with its own account active since 2017, offering lives, educational content and self-directed entries in financial markets, not in cryptocurrencies with its partners Elie FT, investor and trader with a passion for the crypto market.
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