Binance’s native token BNB is at a crucial level after a price drop of more than 10% over the past four days. Despite the notable price drop, it is still in an uptrend as BNB remains above the 200 Exponential Moving Average (EMA) on a daily timeframe.
BNB Price Prediction
However, the current level of the BNB acts as a crucial point due to the presence of the 200 EMA and strong horizontal support.
Based on the price action and technical analysis, if BNB manages to sustain itself above the 200 EMA, there is a high chance that it can surge by 12% towards the $600 level. If it fails to do that and a daily candle closes below the 200 EMA or the $517 level, there is a high chance that it can drop towards the $465 level in the coming days.
It is not easy to break below the 200 EMA. Top cryptocurrencies including Solana (SOL) and XRP (XRP) have continuously kept their prices above this level and maintained them despite the market crash as the 200 EMA acts as a strong support level.
Open Interest and Market Sentiment
At the time of going to press, BNB is trading around $534 and has experienced a price drop of over 2.7% in the past 24 hours. Meanwhile, the trading volume has increased by 14% in the same period, indicating higher participation from traders amid the recent price drop.
While BNB’s open interest has dropped by 4% in the past 24 hours, according to on-chain analytics firm CoinGlass. This drop indicates fear and a lack of interest from traders amid bearish market sentiment.
Expert optimistic outlook
Recently, a crypto expert posted on X (formerly Twitter) stating that BNB will explode soon once Binance founder and ex-CEO Changpeng Zhao is released from prison. Such posts from industry experts create an optimistic outlook for BNB. However, the current market sentiment is declining contrary to this belief.
Source link
