Convergence

Coin

Divergence

<p>The post <a href="https://coinpedia.org/price-analysis/binance-price-plummets-15-since-ath-bnb-coin-to-retest-its-550-mark-soon/" rel="noopener noreferrer nofollow">Binance Price Plummets 15% Since ATH! BNB Coin To Retest Its $550 Mark Soon?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The crypto market has displayed a significant correction of 2.76% in its global valuation within the past day. Moreover, the market leader, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC Price</a>, has failed to hold its value above the support level, resulting in it recording a 24-hour low of $67,529.42.</p>
<p>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 <a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BNB price</a> regain momentum or plunge further?</p>
<h2 class="wp-block-heading" id="h-binance-price-displays-a-bearish-reversal">Binance Price Displays A Bearish Reversal:</h2>
<p>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 <a href="https://markets.coinpedia.org/bnb/" target="_blank" rel="noopener noreferrer nofollow">Binance price</a> experiencing a significant surge in valuation.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXej7TZgymkO4p8BGev_ygMEB5a6CywBREhKmu2jERiprlqy4kOmfXBUAAs_sHRYL-GnTCvnh3z8I90-5n_A0vykfOlCnlKN2hmkUiOW23ceYv-7YUsdLnbfnh4trVuT7eP_8tXLEsBLzHAao3ZFtZ4UCmJO?key=U795RpkFgTNlt3AWffufMg" alt="Binance Coin Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: BNB/USDT
 </figcaption>
</figure>
<p>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.</p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-binance-bnb-coin-market-sentiments">Binance (BNB) Coin Market Sentiments:</h2>
<p>The technical indicator, SMA, displays a bearish crossover in the 1D time frame, suggesting increased bearish sentiment for the altcoin in the crypto market.</p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-will-bnb-price-rise-or-fall">Will BNB Price Rise Or Fall?</h2>
<p>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.</p>
<p>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.</p>

Binance Price Plummets 15% Since ATH! BNB Coin To Retest Its $550 Mark Soon?

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