When will BNB take off;
Have investors lost confidence in Binance Coin;
BNB price is attempting to rebound after falling 4.5% in the past 30 days. Although BNB fell to $555 earlier this week, the coin has since recovered and BNB is currently trading at around $570.
BNB has been struggling to break through key resistance levels, especially failing to break above $625 and reclaim its 20-day EMA and 50-day SMA. These moving averages are key technical indicators that measure short-term and medium- to long-term price trends. BNB has been trading below these levels since June 11, which indicates a bearish trend, indicating weakening buying momentum and hinting that further declines are possible in the near term.
Supporting this bearish view is the Awesome Oscillator (AO), which has been showing a red histogram since June 10. The AO measures price momentum and reflects negative values in a downtrend, indicating that selling pressure is currently greater than buying interest. This consistency of technical indicators highlights BNB's current downward trend trajectory, indicating that unless a major bullish catalyst emerges to reverse the trend, downward pressure will continue.
The cryptocurrency market is changing rapidly, and each trend may become the next outbreak point. Investors should seize the opportunities brought by market volatility and pay attention to the potential of Bitcoin and altcoins. If you have investment intentions in the near future, come and communicate with me. I will do my best to lead you through the ups and downs of the market and find your investment path.
