Crypto: As Soon as it Crossed, BNB Drops Back Below its Previous Peak: Analysis of June 19, 2024.

Binance Coin has caught up with the latest surge, breaking through its last all-time high. Let’s examine together the future prospects of BNB.

BNB Price Status

BNB attracted buying interest from the $200 level and the momentum has continued, which quickly took it to $300 and then $600. At this last level, the BNB price stabilized in an ascending triangle shape and recently broke through to an all-time high above $700. Unfortunately, this surge was not sustained and appears to have been absorbed by sellers less than a week later.

At the time of writing, BNB is trading near $600. This last psychological level can be identified as short-term support, as it has already been moved in the past and coincides with an important value area. It is interesting to note that the 50-day moving average is also located at this level. A bounce from here would provide more reassurance regarding the continuation of BNB’s uptrend. Speaking of cryptocurrency momentum, it is worth noting that there was an acceleration, as can be seen from the price itself and oscillators, that unfortunately did not last. Naturally, this does not strengthen short-term buying conviction.

BNB/USD Chart (1D)BNB/USD Chart (1D)
BNB/USD Chart (1D)

The current technical analysis was carried out in collaboration with Elie FT, an avid investor and trader in the cryptocurrency market. Family Tradingis a community of thousands of proprietary traders active since 2017. You will find live, educational content and mutual support on financial markets in a professional and friendly atmosphere.

BNB Price Hypothesis

  • If the price of BNB sustains above $600, we can expect the bull market to resume with a BNB all-time high of $725. The next level to be found would be $800 or even $900, which would coincide with the Fibonacci extension considered from the most recent fluctuations. At this stage, this would mean an increase of more than 50%.
  • If the price fails to sustain above $600, it can rally around $500. If the bearish move continues, the next support to consider is around $400. At this stage, it would represent a drop of around 34%.

Conclusion

BNB has seen rapid growth and has since risen to new all-time highs. The recent cryptocurrency drop indicates a lack of support, making market momentum uncertain. However, BNB’s medium- to long-term structure is bullish and continues to support optimism. It is therefore best to closely watch the price reaction at various key levels to confirm or disprove the current hypothesis. It is also important to be wary of potential market “fakeouts” or “squeezes” in each scenario. Finally, keep in mind that these analyses are based solely on technical criteria and cryptocurrency prices can change rapidly depending on other, more fundamental factors.

Make the most of your Cointribune experience with our “Read to Earn” program. Earn points for every article you read and get access to exclusive rewards. Sign up now and start earning rewards.

Click here to join “Read to Earn” and turn your cryptocurrency passion into rewards!

Family Trading AvatarsFamily Trading Avatars

Family Trading

Family Trading is a trader community that has been operating since 2017, providing educational and engaging content for investors in the cryptocurrency market, with the help of Elie FT, an investor and trader who is passionate about the cryptocurrency market.

Disclaimer:

The content and products mentioned on this page are not endorsed by Cointribune and should not be construed as a commitment on Cointribune’s part.

Cointribune strives to provide readers with all relevant information available, but does not guarantee its accuracy or completeness. Readers are advised to conduct their own investigations before taking any action regarding the company and assume full responsibility for their decisions. This article does not constitute investment advice or an offer or invitation to purchase any products or services.

Investing in digital financial assets involves risks.

read more

Related Article

0 Comments

Leave a Comment