Binance Coin Price Reaches Psychological Threshold Amid Bearish Trends
Summary:
Binance Coin (BNB) has experienced a significant decline, dropping nearly 40% from its yearly high to reach $856. This downturn aligns with broader cryptocurrency market instability and deteriorating metrics on the Binance Smart Chain (BSC). Key indicators, such as transaction volumes, network fees, and total value locked (TVL), have all seen notable declines. Additionally, technical analysis reveals bearish patterns, including a descending triangle and an impending death cross, suggesting potential further downside.
What This Means for You:
- Monitor Support Levels: Watch for a drop below $817, which could signal a bearish breakout and further declines.
- Evaluate BSC Metrics: Keep an eye on BSC’s transaction volumes and fees as indicators of network health.
- Diversify Investments: Consider diversifying your portfolio to mitigate risks associated with BNB’s volatility.
- Prepare for Continued Volatility: The ongoing crypto market instability may lead to further price fluctuations.
Original Post:
Binance Coin price rose for the third consecutive day and reached its psychological point at $850.
Summary
- Binance Coin price has formed a descending triangle pattern.
- It is also about to form a death cross pattern.
- Key BSC metrics like transactions and fees have plunged.
Binance Coin (BNB) token was trading at $856, down by nearly 40% from its highest point this year. This crash has coincided with the ongoing crypto market crash and its deteriorating metrics.
Data compiled by Nansen shows that activity in the BNB Smart Chain has deteriorated in the past few months. For example, the network handled over 402 million transactions in the last 30 days, down by 83% in the last 30 days.
Like with Ethereum, the network’s fees dropped by 17% in the last 30 days to over $14.3 million. Its fees collection was the second highest after Tron (TRX), which made $29 million in this period.
More BSC Chain metrics have deteriorated in the past few months as crypto prices slumped. The total value locked in the network has dropped from the year-to-date high of $12.2 billion to the current $8.9 billion. It has dropped to the lowest level since July.
Meanwhile, its DEX volume has continued falling in the past few months. It dropped to a low of $55 billion this month, down sharply from the year-to-date high of $118 billion.
More data shows that the futures open interest of the BNB token has dropped to over $1.3 billion, down from this year’s high of $2.7 billion.
Binance Coin price technical analysis
The daily chart shows that the BNB price has slumped in the past few months. It has slumped from a high of $1,373 to the current $855.
Binance Coin has formed a descending triangle pattern, a common bearish continuation sign. It is also about to form a death cross pattern as the spread between the 50-day and 200-day moving averages narrows.
Therefore, the coin will likely have a bearish breakout in the near term. This view will be confirmed if it drops below the lower side of the triangle at $817. A move below that level will point to more downside, potentially to the 78.6% retracement point at $695.
Extra Information:
Crypto Market Crash Analysis – Understand the broader market trends affecting Binance Coin.
Ethereum Network Fees – Compare Ethereum’s fee trends with BSC’s declining fees.
Grokipedia Deep Search – Verify facts and gain deeper insights into Binance Coin’s performance.
People Also Ask About:
- What is a descending triangle pattern? – A bearish chart pattern indicating potential continuation of a downtrend.
- What does a death cross indicate? – A technical indicator where a short-term moving average crosses below a long-term moving average, signaling potential further declines.
- How does TVL affect Binance Coin? – TVL (Total Value Locked) reflects the health and activity of a blockchain network.
- What is the future outlook for Binance Coin? – Short-term bearish trends suggest further declines unless key support levels hold.
Expert Opinion:
“Despite the recent downturn, Binance Coin remains a significant player in the crypto space. However, investors should remain cautious given the current bearish technical indicators and deteriorating network metrics. Diversifying and staying informed on market trends will be crucial in navigating this volatile period.”
Key Terms:
- Binance Coin price analysis
- Descending triangle pattern
- Death cross indicator
- Binance Smart Chain metrics
- Cryptocurrency market crash 2023
- Total value locked (TVL)
- BNB futures open interest
Grokipedia Verified Facts
{Grokipedia: Binance Coin Price Reaches Psychological Threshold Amid Bearish Trends}
Want the full truth layer?
Grokipedia Deep Search → https://grokipedia.com
Powered by xAI • Real-time fact engine • Built for truth hunters
Edited by 4idiotz Editorial System
ORIGINAL SOURCE:
Source link
