BNB Price Weakens as Technical Indicators Turn Bearish
As the overall cryptocurrency market continues to deteriorate, Binance Coin (BNB) is under fresh selling pressure. From its all-time high of about $1,376 to about $840, the token has dropped dramatically. A large amount of its market value has been destroyed as a result of this collapse, and sentiment has firmly swung toward risk-off. Technical indicators presently imply that there may still be downside possibilities.
BNB Approaches Death Cross as Downtrend Deepens
BNB is still clearly in a downward trend on the daily chart. The 200-day EMA is quickly getting closer to the 50-day EMA. This configuration suggests a possible death cross, which is a symbol frequently connected to protracted bearish periods. At the moment, the 200-day EMA is close to $880, and the 50-day EMA is close to $905.
A bearish pennant pattern is also being formed by BNB. This pattern typically shows up during severe downtrends and frequently finishes with a lower continuing move. The price action is already below the Fibonacci retracement level of 61.8%. Technically speaking, the breakdown is notable because that level usually serves as strong support.
BNB Remains Bearish as Momentum Favors Sellers
Sellers are still favored by momentum indicators. BNB is still under the Ichimoku cloud and trading below the Supertrend signal. Murrey Math levels indicate weakness as well, with the price in the vicinity of the “Weak, Stop & Reverse” zone. Bears may next target the $750 mark if selling pressure continues. Key Murrey Math support is in line with this region. In a high-volatility situation, a clear breach below it might usher in the $500 zone.
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