CandleFocus Binance Coin (BNB) price prediction: Inverse H&S points to a rebound
2024-11-03
Author: Content Editor
The Binance Coin (BNB) token has experienced a retreat in price over the past few days, dropping from a high of $611.4 to a low of $562. This decline coincides with a drop in the crypto fear and greed index, which moved from the greed zone to a neutral point. Other cryptocurrencies, including Bitcoin, Ethereum, Solana, and XRP, have also experienced reversals and declines. One potential reason for the retreat is the upcoming US election, with polls showing a close race between Donald Trump and Kamala Harris. The crypto market seems to be favoring Trump, as he is seen as supportive of a light-touch regulatory environment. However, cryptocurrencies historically perform well under both parties. In addition to the election factor, the BNB token's retreat comes despite a large token burn that reduced the supply. The BNB Smart Chain has also lost market share in the DeFi industry. On the technical side, the BNB token is showing signs of a bullish breakout, with resistance at $605 and a potential target of $720.
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