*BNBUSDT MARKET VIEW :*
As expected gave you a hint of falling BNB from major resistance level ❗❗
As of early October 2024, Binance Coin (BNB) has been experiencing downward pressure. It is currently trading around $541.90, having dropped 0.15% in the past 24 hours.
Over the past week, BNB has decreased by 7.75%, indicating a notable bearish trend.
The technical outlook shows that BNB is struggling to break past the resistance level at $526.4, with selling pressure dominating its price action
Most moving averages, such as the 50-day and 100-day EMAs, are trending downward over 4 hr time frame, which supports a bearish outlook in the short to medium term.
BNB's price is significantly below key support levels, suggesting that unless there’s a major shift, further consolidation or declines could continue.
Large wicks and trading gaps can offer buying opportunities at lower prices, aligning with Warren Buffet's strategy of purchasing at the correct price.
*Key Drivers:*
- Ecosystem growth
- Adoption and partnerships
- Regulatory clarity
With a V-shaped reversal surpassing the 50% Fibonacci level at $587, the bull run in the BNB coin price exceeds $600. However, the short-lived bullish recovery takes a double top reversal with a neckline at $587.