Binance Coin (BNB) Could See Double-Digit Dip If Key Support Fails to Hold: Analyst Reveals Bears’ Target
ChartMonkey’s warning about a potential double-digit dip in Binance Coin (BNB) has caught the attention of the crypto community. The analyst suggests that if a key support level fails to hold, BNB could see a significant drop in price, possibly reaching as low as $535, representing a 10% decrease.
The current bearish momentum in the market has raised concerns among traders, with some expressing worry about the implications for their BNB holdings. However, others remain optimistic about the token’s long-term prospects.
ChartMonkey’s analysis is based on technical indicators such as the Bollinger Bands and the Relative Strength Index (RSI). The middle band of the Bollinger Bands, currently around $589, is seen as a crucial support level for BNB. If this level is breached, it could turn into resistance, potentially leading to further downward price action.
Meanwhile, the RSI, which currently reads 54, indicates a neutral but slightly bullish trend. A reading below 50 could empower bears and increase the likelihood of a continued price decline.
The discussion sparked by ChartMonkey’s analysis highlights the volatility and uncertainty in the crypto market. Traders are advised to stay informed and monitor key support and resistance levels to make informed decisions about their investments in Binance Coin.
