Binance Coin (BNB) Faces Potential Downturn as Key Support Level Breaches: Analyst Warns of a Crash
Crypto expert Alan Santana has issued a warning to investors regarding the potential for a price correction in Binance Coin (BNB). If Santana’s analysis proves to be true, the slump will affect BNB, which hit a new all time high less than a month ago.
What you'll learn 👉
Technical Breakdown: Support Level Lost
Santana’s analysis highlights a critical development in BNB’s price chart:
- The previously established support level has been decisively broken.
- This breach of support suggests a potential shift in market sentiment and could herald a more substantial price decline.
As of June 06, 2024, BNB’s performance metrics paint a concerning picture:
- All-Time High: $717.48
- Current Price: Down 19.1% from ATH
- Days since ATH: 21
This data indicates that BNB has experienced a major retracement from its recent peak, with the loss of key support potentially exacerbating the downward pressure.
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Show more +The Bigger Picture: Market Cycles and Capital Flow
Santana emphasizes the cyclical nature of cryptocurrency markets, suggesting that the current price action is part of a larger pattern.
He posits that capital may begin to flow from larger, established projects like BNB to smaller, potentially more speculative altcoins. This shift could create a “win-win-win-win situation” across the market as liquidity moves through different sectors.
Read more: YouTube Analyst Makes Urgent Shiba Inu (SHIB) Price Prediction – Meme Coin Crash or Rally?
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