🔥🔥🔥 Will $BNB Continue To Drop Or Bounce Back To Create A New All-Time High?

On Friday, BNB, the native token of Binance Smart Chain, experienced a notable downturn, marked by a significant red candlestick from $305 to $297.93. This decline began with a rejection at $312.53, establishing resistance. Current analysis suggests a potential further drop towards previous support at $300, and if that fails, a descent to $263.93 is likely.

Conversely, if support holds, a rebound could target a new yearly high. Despite the downturn, the price remains above the 100-day moving average, indicating a #bullish trend.

Technical indicators provide insights:

- 4-Hour MACD: Shows a downward trend with the histogram below zero, and the MACD line crossing below the signal line, reinforcing bearish momentum.

- 1-Day MACD: Confirms daily chart observations, indicating a continuation of the downward movement with the #MACD line and signal line approaching the zero line.

- 4-Hour Alligator: Indicates a bearish trend as the jaw, teeth, and lips are oriented downward, signaling ongoing downward momentum.

- 1-Day Alligator: Daily chart reveals potential downward movement as the alligator lip and teeth display signs of crossover with the jaw.

In conclusion, while MACD and Alligator are popular indicators, they are not foolproof. Traders often combine them with other tools for more informed decisions, acknowledging the potential for false signals, especially in volatile markets. Considering the broader market context is crucial.

Source - newsbtc.com

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