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- Binance Coin noticed adverse sentiment and weakened on-chain metrics within the aftermath of current developments.
- The worth charts signaled additional losses had been inbound and a bullish reversal was not but in sight.
Binance Coin [BNB] suffered from volatility after information that CZ stepped down as CEO of Binance. The sentiment behind the alternate token on social media was adverse and energetic addresses and each day transactions dropped.
BNB Chain’s TVL, charges, and income additionally declined. The token trended downward over the previous few days as properly. May an uptrend be established within the coming weeks?
The previous assist at $240 was retested as assist as BNB trended downward
Supply: BNB/USDT on TradingView
The RSI on the one-day chart fell under impartial 50 on twenty first November and remained under it since then. This confirmed a shift in momentum towards the bears. The market construction was additionally bearish as the previous increased lows at $240 didn’t maintain.
The Fibonacci retracement ranges confirmed that $227.1 was necessary because it was the 78.6% retracement mark. Nevertheless, it was being retested for the second time in every week, with a drop as deep as $222.5. This signaled that additional losses had been possible.
The On-Stability Quantity (OBV) started to development downward to spotlight elevated promoting quantity. To the south, the $220 assist degree may very well be necessary subsequent.
The liquidations heatmap agreed with the technical findings
Supply: Hyblock
AMBCrypto utilized Hyblock’s liquidation ranges heatmap with a look-back interval of 1 month. It confirmed an enormous variety of liquidations can be triggered ought to BNB attain the $220 mark.
This degree had served as resistance again in September and the primary half of October.
Learn Binance Coin’s [BNB] Price Prediction 2023-24
Due to this fact, a drop to the $215-$220 space appeared possible for Binance Coin within the coming days. It remained to be seen whether or not costs would reverse after sweeping the liquidity to the south.
In the meantime, the $240 space was a spot of curiosity ought to the downtrend of the alternate token reverse.