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Cryptocurrencies: As soon as it passes it, BNB falls back below the previous peak: analysis from June 19, 2024.
Binance Coin has reached its latest rise, allowing it to surpass its latest ATH. Let’s examine the future prospects of BNB together.
BNB price situation
BNB attracted buying interest from the $200 level, which continued to be fueled. Thanks to this, it quickly reached $300, then $600. At this last level, the BNB price consolidated in the form of an ascending triangle before recently breaking its last all-time high above $700. Unfortunately, it appears that this surge was not sustained, having been absorbed by sellers in less than a week.
At the time of writing, BNB is trading around $600. This last psychological level could be identified as short-term support, having already acted in the past and coinciding with an important value area. Interestingly, this level is also where the 50 day moving average is located. A rebound would be more reassuring regarding the continuation of the BNB’s uptrend. Regarding the cryptocurrency’s momentum, it is evident that there has been an acceleration which, unfortunately, has not been sustained, as seen in the price itself and the oscillators. Not surprisingly, this does not strengthen short-term buying beliefs.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today a trainer at Family businessa community of thousands of proprietary traders active since 2017. You will find lives, educational content and mutual support on the financial markets in a professional and friendly atmosphere.
BNB price hypothesis
- If BNB price remains above $600, we could anticipate a bullish recovery to BNB ATH at $725. The next levels to be discovered would be $800 or even $900, corresponding to the Fibonacci extensions taken into account by the latest fluctuations. At this stage, this would represent an increase of more than 50%.
- If the BNB price fails to stay above $600, we could consider a yield around $500. The next support to consider, if the bearish movement continues, would be around $400. At this stage this would represent a decline of around 34%.
Conclusion
BNB experienced rapid growth followed by breaking its all-time high. The cryptocurrency’s recent decline shows a lack of support, creating uncertain market momentum. However, the medium/long-term structure of the BNB, being bullish, continues to support optimism. Therefore, it is best to closely observe the price reaction at several key levels to confirm or refute current hypotheses. It is also important to remain vigilant against potential “false exits” and market “squeezes” in every scenario. Finally, let us remember that these analyzes are based exclusively on technical criteria and that cryptocurrency prices can evolve rapidly also depending on other more fundamental factors.
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Family business
Family Trading is a community of traders active since 2017 that offers Lives, educational content and contacts with the financial markets, not celuting cryptocurrencies with their friends Elie FT, passionate investor and trader on the cryptocurrency market.
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