Are you wondering where Binance Coin (BNB) might be headed next in the midst of recent market fluctuations? Well, look no further because we have all the insights you need right here on Extreme Investor Network.
Taking a closer look at the BNBUSD daily price chart, we can see that BNB reached its peak at $597 on August 23rd. While other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw significant gains over the weekend, with BTC surpassing $64,000 and ETH climbing above $2,700, BNB has been trading in a downtrend since facing resistance at the $600 level last Friday.
As of the latest update on Thursday, August 28th, BNB is currently trading around the $553 mark, marking a 15% retracement from its recent high.
But what does this mean for the future of BNB? According to technical indicators, there is reason to believe that BNB could break out of its downtrend soon and follow the broader crypto market rally.
Our experts at Extreme Investor Network predict that the $600 resistance level could potentially give way, paving the way for BNB to make a comeback. Despite the recent retracement, there are signs pointing to a possible defense of the crucial $500 support level, which could lead to a recovery.
When we look at the Bollinger Bands indicator, we see that BNB’s price is currently near the lower band, indicating potential oversold conditions. Historically, BNB has tended to bounce back when approaching this lower band, suggesting that $500 might serve as a support level in the near future.
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