Forget $600, will BNB fall below $550?
In the past four days, BNB prices have fallen by 9%, and the token signal seems a bit tangled.
Speaking of Binance Coin BNB, it has experienced a significant decline recently, falling by 9% in four days. Now, BNB is testing the important support level of $555, which was originally a resistance level and has now become the focus of everyone's attention.
Whether this support level can be maintained is crucial to the future trend of BNB. If it is maintained, it may still be able to stabilize its position; if it accidentally falls below, it may have to go down.
Looking at the Stochastic RSI indicator, it is now in the middle zone, but it is not far from the oversold zone, which means that market sentiment may be a bit nervous.
Speaking of liquidation levels, AMBCrypto checked and found that there are many liquidation points in the range of $550 to $560, which also matches the current support level. This accumulation of liquidity is likely to make prices fluctuate more violently.
However, although the price of BNB has fallen, its development activities are quite active. According to data from Santiment, development activities have been very stable, which may be a good sign in the long run, indicating that BNB's fundamentals are still strong.
Looking at the long-short ratio chart of Coinglass, BNB has fluctuated a lot recently. It seems that the bulls have the upper hand now, but the market is still hesitant and investors are waiting for the wind vane.
As for the price prediction of BNB, we will have to see how it develops in the future from 2024 to 2025.
As for the reversal? In this situation, it is really hard to say. The key support level and a bunch of liquidation points are crowded here, and the market will definitely be turbulent for a while. If it holds up, there may be a rapid rebound; if it doesn't, you have to be careful of the bearish trend.
