Binance Coin (BNB) has fallen from its golden days of nearly $700 to a price level of $269, at the time of writing. BNB coin has fallen nearly 60% in the one-month timeframe. The market crash had been brutal to all cryptocurrencies with gains seen in the bull run nearly reversed. Binance Coin is on a steep downtrend with the price decreasing by 10% in the past twenty-four hours. However, the daily trading volume of the cryptocurrency has been rising as investors follow the “buy the dip” mantra. The question is, how much more will Binance Coin actually fall?
Binance Coin (BNB) Technical Analysis
In line with the overall crypto market, the sentiment for BNB crypto is bearish. Out of the total twenty-six technical indicators, fourteen are giving out a signal of sell with seven standing at a position of neutral and only five indications at buy. The oscillators are neutral while the moving averages are strongly bullish.
A trader has identified two possible trajectories for Binance Coin in their BNB crypto price analysis. At the crucial movement that BNB coin is operating at, it can either establish support and go upwards or fall too much lower price levels. Binance Coin has failed to establish a support level at the price level of $275 – which was a strong supporting level. The next support lies at the price level of $225 followed by $140. If the coin is on an upside move than the resistance level at $476 can be a possible price target.
Is Binance Coin a good long-term investment?
If observing the current market scenario then this question may be hard to answer as the market is in a dip and not many cryptocurrencies can show a good short to mid-term potential. Cryptocurrencies are considered good or bad based on their underlying technology – the difference they are making.
Binance Coin may be considered an integral part of the Binance ecosystem – which is not something to be. Taken lightly. Binance is, after all, one of the largest cryptocurrency exchanges with accounting for the highest Bitcoin futures volume. The Binance coin is also the native token of the Binance Smart Chain – making it have a good stake in various good projects. So, given the technology Binance Coin is expected to climb upwards.