Binance Coin: Will Correction Trend Push BNB Under $200?

News BTC

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.

How To Get Free Crypto  

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.

Coinbase Banner  

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.

FreeBitcoin Banner  

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

Go to Source
Author: Yuna Rin


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.