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Home»Altcoins»BNB prices will fall after the $250 sweep if…
Altcoins

BNB prices will fall after the $250 sweep if…

2023-06-28No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Binance Coin’s market structure remained bearish on the higher time frame.
  • The hopeful foray above $250 turned out to be a liquidity hunt.

Binance has struggled in the market for the past few weeks. The exchange is under pressure from regulatory authorities in several countries. As a result, market share fell to its lowest level in one year.


Read Binance Coins [BNB] Price Forecast 2023-24


The exchange token Binance Coin is on the price chart [BNB] had a bearish outlook in the 1 day time frame. It seemed likely that the token would fall further in the coming weeks, towards $220 or lower.

The bull fall at $255 highlights market sentiment

Binance coin [BNB] prizes will drop after last week's $250 sweep

Source: BNB/USDT on TradingView

The 1-day chart showed a bearish structure that formed on May 8 after falling below $315.3. This level was a previously higher low. Binance Coin was stuck in a range formation in May. After that, BNB formed a series of lower highs and lower lows in the market.

This trend continued in June. While the daily time frame showed bearish momentum, the 4-hour chart showed signs of bullishness. Buyers had a brief win as BNB prices pumped above $250 but were unable to defend the level.

Binance Coin dropped below $240 shortly after. Meanwhile, the 1-day chart’s RSI remained well below the neutral 50, showing strong bearish momentum. The OBV fought to move up the ranks, but has made no significant progress in the past two weeks.

See also  Bitcoin Braces for Key US Economic Data: Will Inflation Boost Prices?

Weighted sentiment remained negative as BNB holders take losses

Binance coin [BNB] prizes will drop after last week's $250 sweep

Source: Sanitation

The weighted sentiment behind a crypto asset generally has a positive correlation with price movements. At the time of writing, sentiment was negative behind BNB, which was not surprising given the price trend.


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


The 90-day MVRV ratio noted that holders were deep in the red area. It can be argued that the asset was undervalued according to the MVRV, but this does not mean that Binance Coin will bounce anytime soon. The funding rate was negative during the decline, but has recently climbed back above zero.

Overall, market sentiment remained bearish and sellers were dominant in the higher time frame. If BNB falls below the $225-$230 area, $220 and $205 are the next support levels to watch.

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BNB Fall prices sweep
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