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Binance Coin’s Critical Test: Will BNB Hold or Plunge to $214?
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Binance Coin Critical Test: Will BNB Hold Or Plunge To $214?

Semilore Faleti
Semilore Faleti
3 months ago
3 mins read
BNB

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According to data from CoinMarketCap, the Binance Coin (BNB) recorded a trading week with no significant events, resulting in a net gain of 1.78%. Amidst much uncertainty in the crypto market, the altcoin has experienced a major dual price trend in February resulting in a price change of <1% in this period. Following recent developments, the BNB market is in a precarious position hinting at a possible price slide.

Related Reading

BNB Price Approaches a Key Level

BNB Price Approaches a Key Level—Can It Clear the Hurdle?

3 months ago

BNB Deviation Could Trigger A Drop To $380 Or Lower

In an X post on Saturday, crypto analyst Ali Martinez provided valuable insight into the Binance Coin price structure. During a price rally in mid-February, BNB rose by over 34%, breaking past the $720 resistance zone to reach a local peak of $723. However, the asset failed to hold above $720 and has since dipped as low as $650.

Following this price pattern, Martinez postulates that if BNB is displaying a deviation, the altcoin could soon experience significant losses. For context, a deviation occurs when an asset’s price breaks above a key resistance level but fails to sustain this move reversing back into its previous price range. A deviation can indicate a market strength suggesting a lack of momentum in the absence of a clear price breakout.

BNB
Source: @ali_charts on X

According to Martinez, if the Binance Coin is undergoing a deviation, market prices are likely to plummet with initial support zones set around $505. However, the first major support level for BNB bulls would be at $380, which represents the midpoint of the asset’s current parallel trading channel.

Notably, in the presence of strong selling pressure, likely due to expectations for BNB to complete a range-bound movement, the token could fall to as low as $214 representing a potential 73% decline from current market prices.  To invalidate this bearish sentiment, BNB would need to quickly reclaim $720, which would suggest sufficient buying momentum to sustain an uptrend.

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3 months ago

BNB Price Overview

At the time of writing, Binance Coin exchanges hands at $668 after a 3.43% price increase in the past day. As earlier stated, weekly gains stand at 1.78% reducing the overall decline in the past 30 days to 3.13%.

According to its daily chart, BNB’s price has failed to break above its 100-day Simple Moving Average (SMA) suggesting a downtrend in the short term. However, the asset’s Relative Strength Index is at 54.40 and heading upwards indicating potential for some immediate price growth before entering the overbought zone (70).

With a market cap of $95.22 billion, BNB is ranked as the fifth largest cryptocurrency in the crypto market.

BNB
BNB trading at $668 on the daily trading chart | Source: BNBUSDT chart on Tradingview.com
Featured image from Shutterstock, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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