Amid an continuous rate correction throughout the cryptocurrency landscape, Binance Coin (BNB) is set for a substantial rate decrease as its day-to-day chart flashes a bearish signal. This signal for BNB recommends that history might repeat itself assoonas onceagain.
BNB Technical Analysis and Upcoming Levels
According to professional technical analysis, BNB appears bearish inspiteof trading above the 200 Exponential Moving Average (EMA) on a day-to-day time frame. The 200 EMA is a technical indication that traders and financiers usage to figureout whether an property is in an uptrend or sag.
In addition, with the current rate drop, BNB has damaged the lower side of the debtconsolidation zone which was there on the strong resistance level. However, if the property closes its day-to-day candlelight listedbelow the $575 level, there is a strong possibility that BNB’s rate might decrease by 15% to reach the assistance level of $480 in the coming days.
This is the 3rd time in the past 3 months that BNB hasactually dealtwith a cost turnaround from the resistance level of $610. Earlier, on July 21 and August 22, 2024, BNB knowledgeable a comparable cost turnaround from this resistance level and knowledgeable a 15% rate drop. The crypto neighborhood is anticipating a comparable rate turnaround this time.
BNB’s Bearish On-Chain Metrics
BNB’s unfavorable