The crypto market has displayed a significant correction of 2.76% in its global valuation within the past day. Moreover, the market leader, BTC Price, has failed to hold its value above the support level, resulting in it recording a 24-hour low of $67,529.42.
Moreover, Binance (BNB) coin price has recorded a strong bearish reversal in its chart after recording a new ATH during the previous week, indicating increased negative influence in the crypto space. With the increased volatility, will BNB price regain momentum or plunge further?
After trading within a closed range between $568 and $635 for about three months, the BNB crypto regained momentum and broke out of its important resistance level. This resulted in the Binance price experiencing a significant surge in valuation.
The BNB token added 21.57% to its portfolio within the next six days and recorded a new all-time high (ATH) of $720.67 on 06th June 2024.
However, since then the altcoin has recorded a bearish reversal and has lost approximately 15% in valuation, highlighting increased selling pressure for the BNB token in the crypto market.
The technical indicator, SMA, displays a bearish crossover in the 1D time frame, suggesting increased bearish sentiment for the altcoin in the crypto market.
On the other hand, the Moving Average Convergence Divergence (MACD) shows a rising red histogram with its averages recording a bearish convergence, highlighting a negative outlook for the Binance coin price in the coming time.
If the market regains momentum, the BNB coin price will test its resistance level of $635. Maintaining the price at that level will set the stage for the Binance token to attempt to retest its upper high of $720.6 during the upcoming weeks.
Conversely, if the bears continue to dominate the market, the BNB token will test its support level of $568. Moreover, if the bulls fail to regain power, the Binance crypto will further plunge and prepare to test its lower support level of $500 this month.
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