The post Binance Coin (BNB) Struggles to Maintain Upward Momentum, Falls from All-Time High appeared on BitcoinEthereumNews.com.

Binance Coin (BNB) has fallen 24% from its all-time high, struggling to maintain upward momentum and trading below key moving averages. The Awesome Oscillator confirms the bearish momentum, suggesting that selling pressure is overpowering buying pressure. Despite the price decline, futures market traders remain resilient, with a positive funding rate indicating demand for long positions, and a potential shift in sentiment could drive BNB’s price up to $591. Binance Coin (BNB) has been grappling with a persistent downtrend since it fell from its all-time high of $720.67 on June 6, with the altcoin’s value plummeting by a substantial 24%. Currently trading at $576.22, BNB has been facing significant headwinds as demand for the coin continues to wane, resulting in the asset trading below its key moving averages. BNB Fails to Surpass Critical Resistance Levels At its current price, BNB is trading below its crucial breakout level of $625 and has failed to rise above its 20-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA), indicating a lack of bullish momentum. The 20-day EMA is a technical indicator that calculates the average price of an asset over the past 20 trading days, providing insight into the asset’s short-term trend direction. Conversely, the 50-day SMA tracks the average price of an asset over the past 50 days, offering a glimpse into the medium to long-term trend direction. When an asset’s price consistently trades below these key moving averages, it is generally considered a bearish signal, suggesting a decline in buying momentum. In the case of BNB, the altcoin fell below these levels on June 11 and has since struggled to reclaim its position above them. The persistent trading below both the 20-day EMA and 50-day SMA confirms the presence of a downtrend, indicating that the price of BNB is likely…

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Filed under: News - @ June 27, 2024 10:22 am