CandleFocus BNB price is set for decline if it closes below key support level
2024-10-03
Author: Content Editor
The price of Binance Coin (BNB) is trading slightly higher at $548, but it is nearing key support levels and a sustained close below this level could indicate further declines. On-chain data, such as BNB's long-to-short ratio and Total Value Locked (TVL), suggest a potential price decline in the coming days. BNB has been rejected multiple times from its daily resistance level and is currently trading near an ascending trendline. If BNB breaks below the trendline and the 200-day Exponential Moving Average, it could decline 10% to retest a previous low. The Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) both indicate bearish momentum for BNB. Additionally, the decrease in BNB's TVL suggests decreasing activity and interest within its ecosystem. The long-to-short ratio also reflects a bearish sentiment. However, if BNB finds support and rises above a certain level, the bearish thesis would be invalidated.
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