Coin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-coin-experiences-a-decline/" data-wpel-link="internal">Binance Coin Experiences a Decline</a> 
<a href="https://en.coin-turk.com/experts-predict-a-bright-week-for-cryptocurrency-markets/" data-wpel-link="internal">Binance Coin</a> (BNB) has continued its downward trend since falling from its all-time high of $720.67 on June 6. At the time of writing, the altcoin was trading at $576.22, marking a 24% drop since then. With the steady decrease in demand for cryptocurrency, it continued to trade below its key moving averages. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-with-bnb">What is Happening with BNB?</h2> 
At its current price, BNB is trading below the $625 breakout level and below the 20-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA). The 20-day EMA of an asset is based on the average price of the asset over the last 20 trading days. Additionally, the 50-day SMA tracks the average price of an asset over the last 50 days. While the 20-day EMA determines the short-term trend direction of an asset, the 50-day SMA follows the medium/long-term trend direction. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-365369 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/bnb.webp" alt="" width="1536" height="782"> 
When an asset’s price trades below these significant moving averages, it signals a decrease in buying momentum, indicating a bearish signal. In the case of BNB, it fell below these levels on June 11 and has remained below them since. Consistently trading below both moving averages confirms the bearish trend, suggesting that the price will continue to decline in the near and medium term. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-365368 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/bnb-veri.webp" alt="" width="1536" height="782"> 
<h2 class="p1" style="text-align: justify" id="bnb-chart-analysis">BNB Chart Analysis</h2> 
Despite the price decline since the beginning of the month, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> opening trades in the futures market have maintained their strong stance. The total funding rate of BNB on cryptocurrency exchanges indicates that market participants continue to demand more long positions than short positions. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-365367 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/coinglass-4.webp" alt="" width="1536" height="424"> 
Funding rates are a mechanism used in perpetual futures contracts to keep the contract price close to the spot price. When an asset’s funding rate is positive, the contract price of the asset is higher than the spot price, and investors holding long positions are willing to pay a fee to investors shorting the asset. 
This means that the number of investors buying with the expectation of selling at a lower price is higher than those expecting the asset’s price to rise. A shift in BNB sentiment from bearish to bullish could push its price up to $591. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-365366 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/bnb-yorum.webp" alt="" width="1536" height="782"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-coin-experiences-a-decline/" data-wpel-link="internal">Binance Coin Experiences a Decline</a></h5>

Binance Coin Experiences a Decline

Table of Contents

COINTURK NEWS

Other articles published on Jun 26, 2024

MoonBag’s Success as the Top Crypto Presale Highlights the Failures of Toncoin and Cardano

Nubank and Lightspark to Bring Bitcoin Lightning to Latin American Customers

From Wall Street to DeFi: How A New Yorker Struck Gold With Shiba Inu – Will BlockDAG’s 30,000X R...

Bitcoin Sentiment Hits 18-Month Low Amid Market Fear and ETF Outflows

Will Bitcoin bulls or bears benefit from this week’s $9.25B BTC options expiry?

Tezos (XTZ) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!