06 January 2022 | ZebPay Trade-Desk
Binance Coin (BNB) has plummeted significantly from $669.30, indicating that bears are aggressively defending the all-time high at $691.80. The asset has fallen by 11% week on week, and currently has a market capitalization of $78bn and a dominance of 3.9%. After BNB broke a crucial support at $500, the asset plunged, and bears seem to be in control right now.
At the time of writing, BNB is trading at $462.5
BNB was trading in a downtrend over the past month. The asset was taking multiple support around $500 and gave a relief rally. However, it resisted at the descending trendline and started consolidating. BNB broke the crucial support of $500 and witnessed a sharp fall and made a low of $457. The asset has strong support at $448. If it breaks this support then we can expect the prices to further slide to the $400 mark.
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.