- The market sentiment towards BNB has turned negative in recent days.
- BNB could target $744 as the first price in case of a bullish reversal.
Like most cryptos, BNB Bulls controlled the market as well last week, pushing the price of the coin up into double digits. The bullish trend did not last as the coin suffered a slight correction within the past 24 hours. Does this mean the end of BNB’s upward trend?
BNB weekly 10% surge!
CoinMaerketCap revealed in its data that BNB jumped 10% this week. This pushed the price of BNB to $721. The coin’s market cap was now nearly $104 Billion.
Binance Research has posted an article titled “Binance Research Posts a tweet Highlighting major crypto developments
This tweet reported the decline in BTC’s dominance and the 6% increase of the DeFi TVL market. The tweet mentioned the cryptocurrency market entering the “extreme greed” The fear and greed indicator had a value of 80%.
The market’s greed had an adverse impact on BNB’s pricing. Over the past 24-hours, the coin value has plummeted over 2%.
Recent bearish prices also had an adverse impact on social metrics. After a sudden increase in price, BNB’s social dominance dropped, which indicated a drop in popularity.
A similar trend was also noted on its weighted sentiment graph — an indication of rising bearish sentiment in the market.
Santiment
Does this downward trend continue into next week?
AMBCrypto analyzed BNB’s datasets to determine if the price is likely to continue falling. This coin has a very low price. long/short ratio A slight increase was recorded in the 24 hour timeframe. The market was indicating that the number of long positions had increased compared with short positions, which is usually a sign for a price increase.
Also, in the past day, the trading volume for the coin dropped by 33 percent, another sign of a bullish trend to be reversed in the near future. But not all was going in the coin’s favor. BNB’s Relative Strength Index RSI moved to the south.
The Chaikin Money Flow chart also showed a downward trend, indicating that there was no significant buying going on. These episodes can be a sign of more slow days in the market.
TradingView
If the coin price keeps falling, the investor could see it drop as low as $710. If the bulls get together and raise the price of the coin, the value could reach $744. BNB is facing a high liquidation threshold at this level.
Click Here to Read Binance Coin’s [BNB] Price Prediction 2024–2025
When liquidation is on the rise, price corrections often follow. BNB will need to surpass that target in order to reach higher goals.
Coinglass
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Source: ambcrypto.com
