Crypto: As Soon as it Crossed, BNB Drops Back Below its Previous Peak: Analysis of June 19, 2024.

Binance Coin caught up with its latest surge, allowing it to break through its last ATH. Let’s examine together the future prospects for BNB.

BNB Price Situation

BNB has sparked buying interest since the $200 level, which has continued to be fueled. Thanks to this, it quickly reached $300, then $600. At this last level, the BNB price consolidated in the form of an ascending triangle before recently breaking its last all-time high above $700. Unfortunately, it seems that this surge was not sustained, having been absorbed by sellers in less than a week.

At the time of writing this text, BNB is trading near $600. This last psychological level could be identified as short-term support, having already acted in the past and matching with an important value area. It is interesting to observe that this level is also where the 50-day moving average lies. A rebound from this would be more reassuring regarding the continuation of the BNB’s upward trend. In terms of the cryptocurrency’s momentum, it’s noticeable that there was an acceleration that, unfortunately, was not sustained, as seen by the price itself and the oscillators. Unsurprisingly, this does not strengthen short-term buying convictions.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and mutual support around the financial markets in a professional and friendly atmosphere.

Hypotheses for BNB Price

• If the BNB price remains above $600, we could anticipate a bullish resumption up to BNB’s ATH at $725. The next levels to discover would be $800 or even $900, matching with Fibonacci extensions taken into account from the latest fluctuations. At this stage, this would represent an increase of more than 50%.

• If the BNB price fails to stay above $600, we could consider a return around $500. The next support to consider, if the bearish movement continues, would be around $400. At this stage, this would represent a drop of about 34%.

Conclusion

BNB experienced rapid growth followed by the breaking of its all-time high. The recent decline in cryptocurrency shows a lack of support, creating uncertain market momentum. Nevertheless, BNB’s medium/long term structure, being bullish, continues to support optimism. Thus, it is best to closely observe the price’s reaction at different key levels to confirm or refute current hypotheses. It is also important to remain vigilant against potential market “fake outs” and “squeezes” in each scenario. Lastly, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also quickly evolve depending on other more fundamental factors.