Binance Coin [BNB] Plummets Below $400 As Bears Make An Entrance

Binance Coin [BNB] Plummets Below $400 As Bears Make An Entrance

The ongoing trend in the crypto market proves the extreme volatility of the crypto industry. Earlier today, Binance coin [BNB], Ethereum [ETH], XRP and several other coins were seem recording new all-time highs, however, during the time of writing, the entire crypto market was on a downtrend. The global market cap followed suit as it was dropped to $1.87 trillion.

At the time of writing, the Binance coin dipped down $375. A few hours ago, the BNB community was celebrating the altcoin’s surge to an all-time high of $414.36, however, a 5.99% drop in the last 24-hours pushed the coin below $400. Nevertheless, the altcoin managed to record profits of over 25% in the last seven days. The market cap of the asset was noted at $57.9 billion and despite a small blip, the altcoin continued residing as the third-largest cryptocurrency.

Binance Coin [BNB] One-Hour Price Chart

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Binance Coin [BNB] Plummets Below $400 As Bears Make An Entrance 1

After witnessing a drastic surge above $400, BNB recorded a massive fall. The altcoin on its short-term price chart was seen harboring the bears. The Parabolic SAR indicator was noted exhibiting a bearish sentiment as the dotted lines were over the candlesticks, further limiting the chances of the altcoin’s chances of upward breakout. The Awesome Oscillator indicator formed red closing bars and announced the presence of the bears.

The Relative Strength Index indicator was down by the sellers’ arena. These signs further suggested that the altcoin would possibly continue its stay below $400 for a while.

Binance Coin [BNB] One-Day Price Chart

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Binance Coin [BNB] Plummets Below $400 As Bears Make An Entrance 2

The one-day price chart of BNB, however, had the bulls in its market. The MACD line remained over the signal line forming a bullish crossover. The Chaikin Money Flow indicator was above zero median which was considered bullish. The Money Flow Index indicator pointed out that the altcoin was being overbought.

While this bullish momentum could provide fuel to BNB’s journey back to $400, the bears in its short-term chart could slow this process.

Published at Wed, 07 Apr 2021 17:00:00 +0000

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