- BNB’s precise dropped by more than 1% in the last 24 hours.
In the event of a price correction, the coin might drop to $687.
As an experienced analyst, I have closely monitored the cryptocurrency market and specifically, BNB‘s price trend over the past week. The coin displayed remarkable strength and reached new all-time highs, attracting a significant influx of traders and investors. However, recent developments in the last 24 hours raise concerns about the sustainability of this bull rally.
Last week brought an impressive display from Binance Coin (BNB) as its price peaked at a record high. According to current information, this upward trend could persist, potentially signaling further gains for BNB.
However, bears stepped up in the last 24 hours. Will this impact the coin’s bull rally?
BNB to touch $900
As a researcher, I’ve come across an intriguing piece of news from AMBCrypto: Binance Coin (BNB) recently hit a new all-time high (ATH), causing quite the stir in the crypto market. This price surge has drawn in a larger crowd of traders, resulting in a significant increase in open interest, reaching its peak in months.
Due to a significant increase in price, there was a noticeable surge in public interest and conversations surrounding the token, indicating a heightened level of popularity.
On the fifth of June, there was a significant surge in the coin’s positive sentiment score, indicating a strong bullish attitude among market participants towards the cryptocurrency.
Recently, the well-known cryptocurrency analyst, World of Charts, drew attention to an intriguing occurrence through a tweet.
Based on my analysis as a crypto investor, BNB could be in the midst of a powerful bull run, with the capacity to soar by nearly 50%. Should this upward trend materialize, we might see the coin surpassing the $900 mark within the next few weeks or months.
Is BNB’s bull rally ending?
I analyzed the data earlier, which appeared promising. However, during the past 24 hours, bears managed to regain control, resulting in a decrease in the coin’s value.
Based on information from CoinMarketCap, the coin experienced a decrease in price by more than 1% within the past 24 hours. Currently, the coin is being bought and sold at a price of $699.13, while its market capitalization exceeds $103 billion.
AMBCrypto’s look at Santiment’s data revealed that the coin’s funding rate increased sharply.
This looked bearish, as generally, prices tend to move the other way than the funding rate.
At the current moment, the BNB fear and greed index stood at a level of 87%, indicative of an “extremely greedy” market situation.
When the metric reaches that point, it signals a significant likelihood that a price adjustment is imminent. Subsequently, AMBCrypto examined BNB‘s daily price chart to assess if its bullish trend was coming to an end.
Based on our examination of the market data, I’ve found that BNB‘s Relative Strength Index (RSI) has entered an overbought territory for me. Consequently, this could lead to heightened selling activity among investors, potentially causing the coin’s price to decrease.
The Chaikin Money Flow (CMF) also turned bearish as it registered a downtick.
Read Binance (BNB) Price Prediction 2024-25
Nonetheless, the MACD displayed a bullish advantage in the market.
If the price trend for BNB shifts to a downturn, there’s a possibility investors could see the coin’s value decrease to around $687. At this point, liquidations may surge dramatically.
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2024-06-07 03:03