The post Binance Coin sees a decline, but will THIS save BNB? appeared on BitcoinEthereumNews.com.

BNB has declined by 2.53% over the past day The market sentiment for BNB has turned negative, slowing down possibility for another bull cycle. While the crypto market has seen massive gains over the past week, Binance coin [BNB] has shaped a different path. While, the market was expecting the release of CZ from prison to inspire market confidence, it has failed to reflect it. As such, over the past week, BNB has seen a considerable drop in its price charts. In fact, as of this writing, BNB was trading at $581. This marked a 2.53% decline over the past day. Also, it has declined by 2.07% on weekly charts. Prior to this, BNB had been on an upward trajectory, hiking by 8.32%. Despite the decline, its trading volume has surged over the past day, hiking by 15.57% to $1.8 billion. The increase in trading activity despite the price decline has left analysts talking about the altcoin’s trajectory. Inasmuch, popular crypto analyst Johncy Crypto suggested a potential uptrend, citing BNB’s sustained growth. Market sentiment In his analysis, Johncy cited BNB’s long-term ascending channel to predict further gains on price charts. Source: X Based on this analysis, the altcoin has shown consistent growth in a long-term ascending channel. This implies that BNB has been steadily increasing in value over time, thus forming higher highs and higher lows which usually reflect a long-term bullish trend. Therefore, under these conditions, if BNB reaches the top of the ascending channel, it could indicate a strong bullish momentum and the possibility for a breakout. As such, with the possibility of a new bullish cycle, the prices could be pushed towards the channel’s upper resistance level. What BNB’s charts indicate While the analysis offered by Johncy offered a promising outlook for BNB, the recent price movement…

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Filed under: News - @ September 30, 2024 5:24 pm