Binance Coin Price Prediction: Will Correction Trend Push BNB Under $200?
09 Septembre 2023 - 1:02PM
NEWSBTC
Binance Coin (BNB) has experienced a notable setback, retracing
from its overhead resistance for the third time in just two months.
This downward trajectory has formed a falling wedge pattern, a
technical indicator characterized by declining peaks and troughs
confined within two converging trend lines. As of the latest data
from CoinGecko, BNB is currently trading at $214.94, with a 24-hour
decline of 0.9% and a modest seven-day gain of 0.6%. On August 31,
the BNB price dipped below the critical $220 local support level,
signaling the possibility of further bearish movement. Related
Reading: Shiba Inu Tallies 77% Accumulation By Major Investors –
Good For SHIB Price? However, amidst the prevailing market
uncertainty, BNB’s price has turned sideways, leaving both buyers
and sellers in a state of indecision. BNB weekly price action.
Source: Coingecko The falling wedge pattern, often referred to as
an ending diagonal pattern, can be seen as a potential signal of
exhaustion within a prevailing bearish phase, hinting at a
potential trend reversal. If the recent breach below $220 fails to
sustain, it could open the door for buyers to challenge the
overhead resistance. Binance Coin Potential For Turnaround Price
analysis suggests that a successful breakout from this falling
wedge pattern would signify a bullish turnaround for BNB. This
could potentially propel the coin’s price to target levels of $234,
and if momentum continues to favor buyers, it may even reach
heights of $247 or even $263. In a parallel development,
PancakeSwap (CAKE) has achieved a significant milestone in the
cryptocurrency ecosystem. According to a post by glebk.eth,
PancakeSwap’s monthly revenue has surpassed that of BNB Chain over
the last 30 days. .@PancakeSwap surpassed @BNBCHAIN in terms of
monthly revenue Data source: @tokenterminal $CAKE $BNB #BNB
#BNBChain pic.twitter.com/Vp1bHg8o6N — glebk.eth (@glebk_eth)
September 7, 2023 PancakeSwap operates on BNB Chain due to its
lower transaction costs, which allow users to swap tokens with
significantly reduced fees compared to Ethereum (ETH). Token
Terminal data reveals that, as of September 6, PancakeSwap
generated fees totaling $96,237, indicating a substantial increase
in user transactions compared to the previous day. In contrast, BNB
Chain’s 30-day revenue stood at $931,700 on September 7.
PancakeSwap’s revenue during the same period, however, exceeded
expectations, reaching $970,800. BNB market cap currently at $33
billion on the weekend chart: TradingView.com Implications For The
Crypto Market These developments in the crypto market highlight the
ongoing battle between various blockchain platforms and
decentralized exchanges. BNB’s struggle with overhead resistance
underscores the challenges faced by cryptocurrencies in maintaining
upward momentum amid market volatility. Related Reading: XLM Surges
With 10% Rally – Can The Recovery Hold Its Ground? As the crypto
landscape continues to evolve, investors and enthusiasts will
closely monitor these trends to assess the potential impact on the
broader market and the long-term viability of different blockchain
ecosystems. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Fortune
PancakeSwap Token (COIN:CAKEUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
PancakeSwap Token (COIN:CAKEUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024