By Brenda Collins
The Binance coin (BNB) recently went through a chart pattern breakdown, which has set prices for a potential 10% fall. However, the overall market trend is still bullish, so long as the price is above the 50% Fibonacci retracement level, long-term traders shouldn’t be concerned. At the moment of writing, a BNB coin is trading at around $290, which is still beyond the 50% Fibonacci retracement level.
However, the recent chart pattern breakdown has set the price for a potential 10% shortfall. This means that traders looking to sell their BNB coins soon should consider doing so now to avoid any potential losses. In terms of intraday trading volume, the report shows that BNB coin has experienced a 15.4% gain, with the trading volume currently at $535.2 million.
This suggests that there is still significant interest in the BNB coin, and traders looking to buy the coin in the short term may be able to capitalize on this. Meanwhile, the coin’s resistance level has been reported to be between $350, and $375, while the support level is held at between $300 and $283 – with a low volatility rate.
Nevertheless, the Binance coin remains a popular cryptocurrency, and despite the recent chart pattern breakdown, the long-term outlook for the coin remains bullish. Analysts have hinted that traders holding onto their BNB coins for the long term should continue doing so as long as the price remains above the 50% Fibonacci retracement level.
Also read:Experts Advocate Sell-for-Profit, Predicts Further Dip
Traders who are looking to buy the coin in the short term may be able to capitalize on the recent dip in price and the increased trading volume. According to the available Relative Strength Index (RSI) online, the coin sharply declined throughout the four hours indicator slope, representing massive selling activities.
It is worth noting that the cryptocurrency market is notoriously volatile, and the price of the Binance coin could change rapidly in the coming days and weeks. Traders should always research and consider their risk tolerance before making investment decisions. Investigation into the coin’s movement shows that although the price has been set for a probable 10% short-term decline due to the breakdown in the chart pattern, the overall market direction for the Binance coin is still optimistic.
Some stakeholders interviewed have repeated that long-term traders should keep their BNB coins in their possession, whereas short-term traders should think about selling their coins now. Short-term buyers of the coin may be able to profit from the recent price decline and rise in trading activity. Still, they should always conduct their research and take their personal risk tolerance into account before making any investment decisions.
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