Amidst the brutal market crash, Binance Coin (BNB) suffered immensely too. The third-ranked cryptocurrency has fallen 12% in just the past twenty-four hours while the 7-day loss is at a whopping 25%. Binance Coin was operating above $500 a few days ago but now the price has dropped to $500 with indications of going even lower. The 24-hour low stands at $486 while the high for the day was at $606. The daily trading volume for the cryptocurrency has been rising regardless as traders try to capitalize on the market dump.
Binance Coin (BNB) Technical Analysis
The market sentiment for the BNB coin is bearish in line with the overall cryptocurrency market. Out of the 26 technical indicators, thirteen are giving out an indication of sell with nine standing at a neutral position and just four indications of buy. Both the oscillators and moving averages are bearish at the moment.
BNB coin has invalidated all bullish analyses as the whole market is in the grips of strong bears. A trader has identified various important support levels – most of which are expected to be broken by BNB coin. The first support level at $527 was broken by Binance Coin. The second support level to follow lies at the price level of $375. A good return on investment can be expected with short trades as the bearish trend of BNB coin is expected to last.
Binance Coin Price Prediction
The crypto market had been feared to enter major corrections as the bull run was thought to have over-lasted. The final push was provided by Elon Musk – CEO of Tesla – as he denounced the use of Bitcoin as a payment method for his Tesla cars because of environmental concerns. Musk has been called a hypocrite among many other names but that is not going to shift the market sentiment.
HODLers stay strong as the long-term price prediction for the cryptocurrency remains bullish. Wallet Investor predicts BNB coin at $934 after a year while the five-year price of BNB is expected at $1,990. Digital Coin Price projects the price of Binance Coin at $776 by the end of the year while the 5-year price is expected at $2,197.