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Home»Altcoins»After rallying to $720, BNB could fall to $574: here’s why
Altcoins

After rallying to $720, BNB could fall to $574: here’s why

2024-06-20No Comments3 Mins Read
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  • BNB’s price was within a certain range at the time of writing.
  • The momentum indicators pointed to a drop in demand for the altcoin.

Binance coin [BNB] rose to an all-time high of $720.67 on June 6 and has since fallen due to the surge in profit-taking activity.

The altcoin’s price even fell below the breakout point of $626 on June 10. Since then, the price has developed within a narrow range and formed a horizontal channel.

This channel is formed when the price of an asset consolidates within a certain range over a period of time.

It manifests when there is a relative balance between buying and selling pressure, which prevents the price from moving strongly in either direction.

The upper line of this channel represents resistance, while the lower line represents support.

Since BNB fell below the breakout level and started moving sideways, the bears have formed resistance at $635 while the bulls have defended the coin’s price at $591, creating a support level.

BNB 1-day chartBNB 1-day chart

Source: BNB/USDT, TradingView

BNB bears dominate

Readings from BNB’s Directional Movement Index (DMI) confirmed the current bearish bias towards the altcoin. At the time of writing, the negative directional index (red) at 26.99 was above the positive index (green) at 16.30.

An asset’s DMI measures the strength and direction of its price movement. When the positive index is below the negative index, the market’s downtrend is stronger than the uptrend.

This setup suggests that sellers have more control over the market than buyers over the period under consideration.

The value of ADA’s Aroon Down Line lent credibility to the above position. At the time of writing, the value of the indicator was 85.71%.

See also  Google Cloud will invest $10 million in the BNB Chain Accelerator program

The Aroon indicator identifies an asset’s trend strength and tracks its potential price reversal points.

When the downward line reaches or returns a value near 100%, it indicates that the market’s downward trend is strong and that the most recent low was reached relatively recently.

Furthermore, BNB’s key momentum indicators pointed to traders’ preference for selling their coin holdings.

For example, BNB’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 45.75 and 26.58 respectively.

BNB 1-day chartBNB 1-day chart

Source: BNB/USDT, TradingView

These indicators measure the overbought and oversold conditions of the coin. Based on their values ​​at the time of writing, they showed that the ADA sell-off exceeded traders’ accumulation efforts.


Realistic or not, here is the market cap of BNB in ​​terms of BTC


Should this trend continue, BNB could fall below the $600 price zone and trade at $574.

BNB 1-day chartBNB 1-day chart

Source: BNB/USDT, TradingView

However, if the bulls regain control of the market, they could trigger a rally and cause the altcoin to change hands at $609.

Next: Can Dogecoin and Shiba Inu Shake Off Their Double-Digit Price Drops Soon?

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BNB Fall Heres Rallying
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