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Binance Coin price analysis: BNB falls below $650 as selling pressure escalates

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  • Binance Coin price analysis suggests further downwards movement to $620
  • The closest support level lies at $640
  • BNB faces resistance at the $650 mark.

The Binance Coin price analysis shows that after failing to climb above the $660.00 mark, the sellers broke the $650.00 support level as BNB returned to the $640.00 mark. While the buyers defend the $640 support, the selling pressure has not declined significantly.   

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include VET and LTC recording an 8.43 and a 4.95 percent incline, respectively. 

Binance Coin price analysis: BNB falls to $640, what’s next?

Binance Coin price analysis: BNB falls below $650 as selling pressure escalates 1
Technical indicators for BNB/USDT by Tradingview

Across the technical indicators, the MACD has just exhibited a bearish reversal as expressed in the color change of the indicator. The histogram was bullish the past two days as the price rose from the $602.00 mark to the $660 level. However, as the price action was rejected at the level, BNB fell to the $640 support level where it currently trades. If the buyers are unable to defend the level, the MACD would show a sharp increase in bearish momentum across the short-term charts.

The EMAs are trading close together as either side struggles for market dominance at the $640 mark. The 12-EMA is below the 26-EMA at press time but the difference is slight and if the buyers are able to defend the $640 support, the indicator may exhibit another reversal remaining bullish. 

The RSI is currently neutral and trades close to the mean level at the 49.20 index mark. The indicator was currently moving along the x-axis as BNB oscillated below the $660.00 mark but now has taken a nosedive as the price fell below the $650 mark. The neutral position leaves room for volatile activity in either direction while the downwards slope suggests a bearish takeover for BNB markets. 

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The Bollinger Bands are currently narrow and show further convergence as the price action slows around the $650.00 mark. As the price action consolidates above the indicator’s mean line, traders can expect the indicator to converge in the center showing a further decline in BNB price volatility as speculation runs high. 

Technical analysis for BNB/USDT

Overall, the 4-hour Binance Coin price analysis issues a buy signal as 11 of the 26 major technical indicators support the bulls across the timeframe. On the other hand, only five of the indicators support the bears showing significant buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time. 

The 24-hour Binance Coin price analysis accentuates this sentiment and issues a buy signal with 14 of the indicators supporting the buyers against only one indicator suggesting a downwards movement. The analysis shows strong bullish dominance across the mid-term charts. At the same time, ten of the indicators do not support either side of the market and stay neutral. 

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What to expect from the Binance Coin price analysis?

Binance Coin price analysis: BNB falls below $650 as selling pressure escalates 2
4-hour price charts by Tradingview

The Binance Coin price analysis shows that the bulls struggled and failed in climbing above the $660 price level, causing the support at $650 to collapse. After hanging around the $650.00 mark above for more than a day, the price fell below the support level to the current $640 mark and as the selling escalates further downwards movement is likely. 

Currently, traders should expect the sellers to break the $640.00 support level as the price falls towards lower support levels. The next support level lies at the $620 level and further below the $600 mark. Currently, BNB is expected to fall to the $620 mark before making a return to the $660 mark.

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Binance

Binance Coin Price An Inch Away From Its ATH, Will BNB Price Hit $1K By EOY

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After a slight flip from the bearish divergence, for a couple of days, the market appears to have fallen into the same well. Most of the altcoins including the dominant crypto Bitcoin are slumping down, yet trying hard to jump above $58K. However, after BTC & ETH, the 3rd largest crypto Binance coin is making a very drastic move without any noise and may hit its previous ATH well before both of them. 

BNB price always preferred to be low-key with massive volatility so that the asset diminishes the distance to the ATH. The asset was still attempting hard to recover the losses incurred from May, yet the September drain dragged the asset below $350. However, without wasting much time, the Binance coin initiated with a strong upward trajectory to ignite a bull run towards its ATH. 

BNB Price Analysis

Considering the recent moves made by the asset, one of the popular analysts believes the price to hit $750- $850 in the short-term. However, the potential target still remains around $1000 as predicted ever since the beginning of the bull run during the first half of 2021.

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The upward trajectory can be clearly seen in the chart mentioned by the analyst ever since the trend flipped at the beginning of Q4. In an attempt to smash the ATH, the BNB price got rejected multiple times around $660. Yet sustained much above the 200-day MA and the uptrend line. And hence after a minute retest, the price may break through the newly formed resistance levels close to $660. 

With a strong pierce through these levels, new ATH beyond $700 may be quite possible. Moreover, maintaining the current pace, the BNB price may also achieve the targets close to $800. And hence the yearly target for Binance Coin price still remains intact at $1000 and the possibilities of achieving appear to be more compared to BTC price or ETH price. 

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Ethereum

Top Crypto Analyst Says Ethereum-Based DeFi Protocol Primed for Breakout As Binance Coin Targets New Record High

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A popular crypto analyst is detailing a set of new predictions for two large-cap crypto assets.

The trader, pseudonymously known as Smart Contracter, tells his 184,000 Twitter followers that Binance Coin (BNB) will likely hit a new all-time high (ATH) well before Bitcoin (BTC) surges above its current record high of $69,044.

“BNB [is] going to send to new ATH from here, probably going to hit it long before BTC does.”

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Binance Coin, which is the native crypto asset of the Binance ecosystem, hit its current record high of around $687 in May of 2021 and is trading at $636 at time of writing.

The trader is also bullish on the core crypto asset of the Ethereum-based decentralized finance protocol Curve DAO Token (CRV).

Smart Contracter says that when paired against Bitcoin, CRV appears primed to break out from a 400-day range.

“400-day CRV breakout on the BTC pair underway. I’m ready for the fireworks.”

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CRV is trading at 0.00009613 BTC ($5.65) at the time of writing.

Smart Contracter says that the DeFi token is likely on the verge of surging on the Bitcoin chart after an accumulation phase that had lasted over 365 days.

“CRV daily bull flag breakout on the BTC pair plus 12 month+ accumulation. Valhalla awaits.”

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Floki Inu

Floki Inu ($FLOKI) Community Uses Petition to Request Binance Listing

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The community behind the meme-inspired cryptocurrency Floki Inu ($FLOKI) has started a petition asking leading cryptocurrency trading platform Binance for a listing on it. Getting listed on such an exchange would significantly improve the cryptocurrency’s liquidity.

Through a petition created on Change.org that has already gathered over 14,000 signatures, the cryptocurrency’s community has pointed out that in just four months, $FLOKI is one of the top 70 cryptocurrencies by market capitalization, with a market cap of $2.6 billion.

The petition adds that the cryptocurrency has grown to have over 310,000 holders and a trading volume of over $280 million, despite not being listed on any major centralized exchange like Coinbase or Binance.

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Notably, the cryptocurrency’s rival meme-inspired crypto Shiba Inu ($SHIB), has been listed on Binance, Coinbase, Huobi, KuCoin, Bitfinex, and other major cryptocurrency trading platforms. SHIB has, however, resorted to a petition to be listed on another exchange, the commission-free trading platform Robinhood. That petition has garnered over 500,000 signatures.

In its petition, Floki mentioned its “super aggressive marketing campaigns worldwide” which it claims is helping it become a “more recognized cryptocurrency compared to many cryptocurrencies in the top 10 [by market capitalization].”

As reported, FLOKI’s price surged last month after it launched a campaign on London’s public transport system with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.

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That campaign triggered a cryptocurrency ad crackdown that saw London’s transport authority, Transport for London, reveal concerns about the ads as these were promoting a little-known, unregulated financial asset that they claim could be open to manipulation such as pump-and-dump schemes. Floki Inu’s team hit back, saying the crackdown was “an attack against cryptocurrency and against the people’s freedom of choice.”

Notably, the Floki Inu community has also created a petition to get listed on the Nasdaq-listed cryptocurrency trading platform Coinbase. That petition has been signed by over 30,000 users at press time.

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