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Cryptocurrency News Articles
Binance Coin (BNB) Now Appears Bearish and a Price Decline May Be Seen in the Coming Days
Sep 26, 2024 at 01:46 am
BNB could decline by 18% to reach the $480 level in the coming days. BNB's Long/Short ratio currently stands at 0.869, indicating a strong bearish sentiment among traders.
Binance Coin (BNB) price analysis reveals a bearish outlook with a possible price decline in the upcoming days.
BNB price might witness a decline of 18% to reach the $480 level in the coming days.
Bearish sentiment is evident among traders, with BNB’s Long/Short ratio at 0.869.
After a remarkable price surge of over 25%, Binance Coin (BNB) now seems to be turning bearish, with a potential price decline in the upcoming days. This negative outlook is supported by the formation of a bearish price action pattern on the daily chart and some concerning on-chain metrics.
BNB Technical Analysis: Bearish Chart and Upcoming Price Levels
According to CoinPedia’s technical analysis, BNB has formed a bearish triple-top price action pattern on the daily chart, which is considered a bearish sign by investors and traders. From the data, when an asset forms a triple-top pattern over an extended period, it usually leads to a significant price decline.
Furthermore, BNB is forming a bearish evening star candlestick pattern near the resistance level of $605. The evening star is a bearish reversal pattern that indicates a potential shift from an uptrend to a downtrend. This combination of a bearish pattern and the evening star on the asset has started to shift the market sentiment among traders.
If we take into account the historical price momentum, there is a high chance that the BNB price might decline by 18% to reach the $480 level in the upcoming days. However, this bearish thesis will only be valid if BNB manages to stay below the $620 level, otherwise, it might fail.
BNB’s Bearish On-chain Metrics
Apart from this technical analysis, the current bearish outlook is also supported by on-chain metrics. According to the on-chain analytics firm Coinglass, BNB’s Long/Short ratio is currently 0.869, the lowest since August 27, 2024. This indicates a strong bearish sentiment among traders.
Moreover, its open interest has declined by 7% in the last 24 hours, indicating fear among traders, which could be a result of the bearish price action pattern. Currently, 53.71% of top traders hold short positions, while 46.29% hold long positions.
Combining all of BNB’s on-chain metrics with its price action, it seems that the bears are taking over the asset and might be leading the asset to a major price decline in the upcoming days.
Current Price Analysis
At press time, BNB is trading around $590 with a price decrease of over 2.75% in the last 24 hours. Meanwhile, its trading volume has declined by 12% during the same period, indicating lower participation from traders and investors.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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