- BNB price is trading at around $1K.
- Daily trading volume is up by over 24%.
The crypto market opened the day with a bearish note, with the market cap at $3.7 trillion. The majority of the asset prices have entered the red zone. Meanwhile, the largest assets like Bitcoin (BTC) is trading at around $109.8K, and Ethereum (ETH), the largest altcoin, is hovering at around $3.8K. With the broader fear sentiment, BNB has posted a loss of over 3.14%.
In the early hours, it traded at a high range of $1,121.33, and with the heavy bearish turn in the BNB market, the price has slipped to a low of $1,050.13. If the bears gained enough traction and stay strong, the asset’s price action may falloff deeper to the former support zones.
BNB is currently trading at around the $1,085.64 mark, with a market cap of $149.13 billion. In addition, the daily trading volume has surged by over 24.5%, reaching the $4.91 billion range. Notably, as per Coinglass data , the market has witnessed a liquidation of $10.30 million worth of BNB during the last 24 hours.
Will BNB Sink Deeper as Bears Tighten Their Grip?
The Moving Average Convergence Divergence (MACD) line and signal line of BNB are found below the zero line, which indicates the bearish phase . The asset may continue to stay weak until a reversal occurs. Besides, the Chaikin Money Flow (CMF) indicator at 0.01 suggests its neutral to slightly bullish momentum. The buying and selling pressure is nearly balanced. There is a slight bias toward accumulation.
BNB chart (Source: TradingView )
BNB’s daily Relative Strength Index (RSI) at 47.40 implies a balanced market condition. Notably, neither buyers nor sellers have strong control. It is showing no clear bullish or bearish momentum . Moreover, the Bull Bear Power (BBP) reading of 4.37 signals that the bulls currently have the upper hand in the market. Also, it shows a brief upward push in price, with the bulls slightly dominating the bears.
The price of the BNB/USDT trading pair might fall to the key support zone at $1,077. An extended bearish correction could trigger the death cross to pop out, pushing the price above the $1,069 mark. On the upside, if the asset prints a green chart, the bulls might let the price up toward the $1,093 resistance level. A strong bullish correction of BNB initiates the golden cross to unfold, likely taking it up $1,101.
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