The post BNB – Buyers vs sellers after death cross flashes on the charts! appeared on BitcoinEthereumNews.com.

More traders have taken short positions in BNB BNB, at press time, had declined by over 2% in the last 24 hours Binance Coin (BNB) has also been affected by the recent decline of the broader cryptocurrency market over the past few weeks. Despite this downturn, however, BNB has managed to maintain a significant market capitalization. It has stayed ahead of many other assets in terms of market value. And yet, trading activities for BNB have been subdued, as indicated by its low funding rate. Binance maintains top spot At the time of writing, Binance Coin (BNB) held a market capitalization of approximately $75.8 billion, making it the third-largest cryptocurrency behind Bitcoin and Ethereum, excluding Tether USDT. This is particularly notable, given the broader market decline over the past seven days. In fact, according to CoinMarketCap, the top ten cryptocurrencies, including BNB, have all recorded significant declines over the past week, with each asset falling by over 5%. And yet, BNB was able to hold its position on the charts.  A look at the price charts Binance Coin’s (BNB) daily chart recently flashed a death cross. It is a bearish signal that occurs when a short-term moving average crosses below a long-term moving average. However, at the time of writing, this death cross was not yet fully pronounced. It first appeared on 30 August when BNB’s price dropped to around $535, following a 0.24% decline. Source: TradingView Since this death cross first took shape, BNB’s price has continued to decline. At press time, it was trading at approximately $517, following an additional decline of nearly 3%. The moving averages, which now act as resistance levels, seemed to be positioned around $550. On the contrary, a more significant resistance zone can be found between $590 and $600. Further analysis using the…

---

Filed under: News - @ September 2, 2024 4:08 am