👀👀Binance Altcoin BNB in Decline 👀👀
The recovery process in the altcoin market has taken a big hit. In the last 24 hours, investors expecting an increase have liquidated $ 137 million, and the downward pressure on altcoins has increased. In this context, the question of whether the price of Binance's altcoin BNB (BNB) can survive the increasing supply pressure is on the agenda.
BNB continues to stay above the psychological level of $ 450. The price broke above the $ 500 level and the 200-day Exponential Moving Average (EMA) in a V-shaped retracement, but this bullish rally failed to absorb the increasing supply pressure on the 200-day EMA, and a 3.78 percent drop was experienced on Sunday. There are warnings that the price could fall to $455. The high price rejection on Sunday revealed additional supply from the 50-day EMA, which caused the recovery rally to end with a sudden reversal. The MACD and signal lines are in the process of stopping the positive crossover with the decline in BNB's price. The sudden increase in supply is delaying the positive signal from the MACD indicator.
According to Fibonacci levels, BNB's price failed to hold above the 23.60 percent Fibonacci level, which led to a rapid decline. Currently, BNB is hanging by a thread around the psychological level of $500. A drop below this critical level could start the altcoin's freefall movement. The next support zone for the BNB token is between $455 and $450.
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