{"id":573056,"date":"2024-02-03T00:10:09","date_gmt":"2024-02-03T00:10:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=573056"},"modified":"2024-06-11T13:03:21","modified_gmt":"2024-06-11T13:03:21","slug":"bnb-drop-or-bounce-back","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bnb-drop-or-bounce-back\/","title":{"rendered":"Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">BNB, the native token of the Binance Smart Chain, experienced a drop on Friday, showing a huge red candlestick after opening at around $305 and moving downward toward $297.93.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This downward move began with a rejection at $312.53 on Wednesday, thereby creating resistance at the same level. At the time of writing, the price still shows strong signs of moving downward to its previous support level of $300.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If this support level is unable to hold, then the price might continue downward to the next support level at $263.93. But, if the support does hold, we might see the price bounce back and move upward to create a new high for the year. However, the price is still above the 100-day moving average, which is usually a bullish sign for the price.<\/span><\/p>\n<h2>Technical Indicators Point Toward Sustained Downtrend For BNB<\/h2>\n<p><span style=\"font-weight: 400\">To figure out where the BNB price might be headed next, several indicators can be used to examine the chart;<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/institutional-buyers-of-bitcoin\/\">Here Are The Largest Institutional Buyers Of Bitcoin This Week<\/a><\/div>\n<p><b>4-Hour MACD:<\/b><span style=\"font-weight: 400\"> We can see that the histogram is below the zero line, thereby suggesting a downward trend.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-573058 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-1.png?w=460&#038;resize=706%2C410\" alt=\"BNB \" width=\"706\" height=\"410\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-1.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-1.png?w=460 460w\" sizes=\"(max-width: 706px) 100vw, 706px\"><\/p>\n<p><span style=\"font-weight: 400\">\u00a0\u00a0\u00a0SOURCE: Tradingview<\/span><\/p>\n<p><span style=\"font-weight: 400\">We can also see that the MACD line has crossed below the signal line, pointing toward a sustained bearish trend.<\/span><\/p>\n<p><b>1-Day MACD<\/b><span style=\"font-weight: 400\">: From the daily chart, we can confirm that both the MACD line and signal line have crossed and are heading toward the zero line, while the histogram is already below the zero line, indicating further downward movement.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-573060 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-2.png?w=460&#038;resize=697%2C403\" alt=\"Binance Coin price\" width=\"697\" height=\"403\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-2.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-2.png?w=460 460w\" sizes=\"(max-width: 697px) 100vw, 697px\"><\/p>\n<p><span style=\"font-weight: 400\">\u00a0\u00a0SOURCE: Tradingview<\/span><\/p>\n<p><b>4-Hour Alligator<\/b><span style=\"font-weight: 400\"> Using the alligator indicator to examine the chart on the 4-hour timeframe, we can see that the jaw, the teeth, and the lips are all facing downward and are separated from each other. This has historically been a bearish signal and suggests further downward momentum.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-573061 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-3.png?w=460&#038;resize=572%2C332\" alt=\"Alligator\" width=\"572\" height=\"332\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-3.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB-3.png?w=460 460w\" sizes=\"(max-width: 572px) 100vw, 572px\"><\/p>\n<p><span style=\"font-weight: 400\">\u00a0\u00a0\u00a0SOURCE: Tradingview<\/span><\/p>\n<p><b>1-Day Alligator:<\/b><span style=\"font-weight: 400\"> Also, looking at the alligator indicator from the daily chart, it can be seen that the alligator lip [green line] and the teeth [red line] are showing signs of cross over the jaw [blue line], suggesting a downward movement<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0SOURCE: Tradingview<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-573062 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB.png?w=460&#038;resize=559%2C323\" alt=\"BNB\" width=\"559\" height=\"323\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/BNB.png?w=460 460w\" sizes=\"(max-width: 559px) 100vw, 559px\"><\/p>\n<h2><span style=\"font-weight: 400\">Final Thoughts<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Although the MACD and the Alligator are popular indicators, it should be noted that they are not infallible, and traders frequently combine them with other technical analysis tools to help them make better trading decisions.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-5-million-s2f-model\/\">Bitcoin To $5 Million? S2F Model Predicts When This Will Happen<\/a><\/div>\n<p><span style=\"font-weight: 400\">Furthermore, false signals can happen, particularly in erratic or sideways markets, so it&#8217;s critical to take the larger market context into account.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/kjjjHBi1\/\" alt=\"Binance Coin BNB price chart from Tradingview.com\" width=\"3266\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">Token price struggles to hold support at $300 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BNBUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BNB, the native token of the Binance Smart Chain, experienced a drop on Friday, showing a huge red candlestick after opening at around $305 and moving downward toward $297.93. This downward move began with a rejection at $312.53 on Wednesday, thereby creating resistance at the same level. At the time of writing, the price still shows strong signs of moving downward to its previous support level of $300. If this support level is unable to hold, then the price might continue downward to the next support level at $263.93. But, if the support does hold, we might see the price bounce back and move upward to create a new high for the year. However, the price is still above the 100-day moving average, which is usually a bullish sign for the price. Technical Indicators Point Toward Sustained Downtrend For BNB To figure out where the BNB price might be headed next, several indicators can be used to examine the chart; Related Reading: Here Are The Largest Institutional Buyers Of Bitcoin This Week 4-Hour MACD: We can see that the histogram is below the zero line, thereby suggesting a downward trend. \u00a0\u00a0\u00a0SOURCE: Tradingview We can also see that the MACD line has crossed below the signal line, pointing toward a sustained bearish trend. 1-Day MACD: From the daily chart, we can confirm that both the MACD line and signal line have crossed and are heading toward the zero line, while the histogram is already below the zero line, indicating further downward movement. \u00a0\u00a0SOURCE: Tradingview 4-Hour Alligator Using the alligator indicator to examine the chart on the 4-hour timeframe, we can see that the jaw, the teeth, and the lips are all facing downward and are separated from each other. This has historically been a bearish signal and suggests further downward momentum. \u00a0\u00a0\u00a0SOURCE: Tradingview 1-Day Alligator: Also, looking at the alligator indicator from the daily chart, it can be seen that the alligator lip [green line] and the teeth [red line] are showing signs of cross over the jaw [blue line], suggesting a downward movement \u00a0SOURCE: Tradingview Final Thoughts Although the MACD and the Alligator are popular indicators, it should be noted that they are not infallible, and traders frequently combine them with other technical analysis tools to help them make better trading decisions.\u00a0 Related Reading: Bitcoin To $5 Million? S2F Model Predicts When This Will Happen Furthermore, false signals can happen, particularly in erratic or sideways markets, so it&#8217;s critical to take the larger market context into account. Token price struggles to hold support at $300 | Source: BNBUSD on Tradingview.com Featured image from Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":573063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[13291,91512,11427,88003,91511,89186,91510,86483,90954,79524,79611,6664,14690],"class_list":["post-573056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-coin","tag-binance-coin-news","tag-bnb","tag-bnb-analysis","tag-bnb-crypto","tag-bnb-news","tag-bnb-prediction","tag-bnb-price","tag-bnb-price-prediction","tag-bnbusd","tag-bnbusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High?<\/title>\n<meta name=\"description\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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