CandleFocus BNB Price at Risk of 15% Drop? On-Chain Data Flashes Bearish Signal
2024-09-30
Author: Content Editor
The news content suggests that Binance Coin (BNB) is facing a significant price decline due to a bearish signal on its daily chart. Technical analysis and on-chain metrics indicate a negative outlook for BNB, with a possibility of a 15% price drop to reach the support level of $480 if it closes below $575. This would be the third time in three months that BNB faces a price reversal from the resistance level of $610. The Long/Short ratio currently stands at 0.827, indicating a strong bearish sentiment among traders, and 54.72% of top traders hold short positions. The article also mentions a 4% price decline in the past 24 hours and increased trading volume, potentially due to BNB's bearish outlook.
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