The post Binance Coin Faces Bearish Trends: Will BNB Prices Descend to $500 Before Recovery? appeared on BitcoinEthereumNews.com.

Binance Coin (BNB) struggles to maintain its recent gains. Prices may decline towards $500 before a potential recovery. Technical and market sentiment indicators suggest bearish trends. Discover the recent performance of Binance Coin and its market outlook. BNB’s Bearish Trend Continues Amid Market Uncertainties Despite an early month breakout past $635, Binance Coin (BNB) could not sustain its gains and has retracted to $570. Technical indicators are showing bearish trends, hinting at a further decline before any potential recovery. Even the futures market data seems pessimistic, with investor sentiment shifting yet lacking the support of rising Open Interest. Technical Indicators Signal Further Downside Risk BNB hit an all-time high of $717 earlier this month, but it has since been unable to maintain its upward momentum. The 23.6% Fibonacci extension level served as a significant resistance, leading to the current price retracement. The daily Relative Strength Index (RSI) stands at 40, indicating bearish momentum. Additionally, the Chaikin Money Flow (CMF) index is negative, revealing strong capital outflows from BNB markets recently. Prices are likely to move towards the $550 and $520 levels before any bullish reversal can be expected. The Market’s Tepid Response to Spot Demand The Open Interest for Binance Coin has been in a downward trajectory since June 6, plummeting from $1.068 billion to $554 billion. Similarly, the spot CVD has mirrored this trend, showing minor recovery attempts that were undermined by inconsistent demand. Although the spot CVD has shown slow improvement over the past couple of days, indicating a slight shift in market sentiment, this is yet to translate into robust bullish activity. Conclusion TRUSTED BY COINOTAG,Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange! Overall, Binance Coin faces significant bearish pressures, both from technical analysis and market sentiment perspectives.…

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Filed under: News - @ June 30, 2024 3:22 pm