The post Why Binance (BNB) Is Down Today? appeared first on Coinpedia Fintech News
After recording a strong bullish price action this week, the BNB coin price has experienced a strong bearish pullback overnight. This has resulted in the Binance price losing its 05th position to the Solana price. Moreover, with a market cap of $94.93 billion, it dominates at 2.9518%.
Considering the present market sentiments, will the Binance coin price regain momentum and dominate the altcoin season this year? In this article, we have uncovered the market sentiments and possible short-term BNB coin price analysis.
Binance Price Records A Strong Bearish Reversal Overnight!
Despite recording a jump of 13.82% over the past seven days, the BNB price has dropped 8.82% overnight. Furthermore, it has plunged 4.41% in the last 30 days and has a YTD return of 4.95%. With a market cap of $94.93 billion, it has secured the 06th position in the market.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the daily time frame. Moreover, its averages record a similar price action in the Binance price chart. This suggests a long-term positive influence.
On the contrary, the EMA 50/200-day witnesses a similar price action in the 1D time frame. This indicates that the Binance price may continue gaining value in the upcoming time.
Will BNB Price Rise Back Up?
Suppose, the market favors the bulls, in that case, the Binance price could retest its immediate resistance level of $720. Maintaining its bullish sentiment could push the price of BNB token toward its upper resistance level of $750 in the upcoming time.
However, if the bears outrun the bulls, the Binance crypto coin could plunge toward its important support trendline of $635. Furthermore, if the bears dominate the crypto space this month, the BNB coin may drop toward its lower support level of $600.
Are you one of many who are concerned about the long-term price sentiment of the BNB token? Read CoinPedia’s latest Binance Price Prediction 2025 today!
FAQs
With increased bullish action and rising dominance, the price of Binance could vary between $1,893 and $2,749 during the year 2030.
If the bullish sentiment sustains, the Binance price could range between $761 and $1,292 this year.
At the time of writing, the value of one BNB token was $665.
