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Binance Coin Price Resumes Bearish Trend Following 13% Surge
After surging by more than 10 per cent in yesterday’s trading session, the Binance coin price is down by 2 per cent today, resuming a strong bearish trend that started a week ago. Today’s drop comes amidst reports of the Binance platform walking away from a deal that would have seen it acquire the second-largest cryptocurrency exchange.
According to reports, Binance reversed its course on the rescue offer of FTX, leaving the company with an uncertain future, and further causing chaos in the cryptocurrency markets that have been impacted heavily by news of FTX failing.
Binance Coin Price Prediction
A price analysis of the past week shows the current bearish trend started on November 5, peaking on Wednesday when Binance Coin dropped by 18 per cent. Part of the reason for the aggressive bearish trend had been due to fundamental factors such as FTX’s collapse and Binance being heavily exposed to risks carried by the cryptocurrency exchange. However, during yesterday’s trading session, the Binance Coin surged by 13 per cent in what looked like a price retracement following a five-day consecutive bear trend that had resulted in a 26 per cent drop.
The resumption of the bearish trend in today’s trading session points to a possibility that in the next few trading sessions, we might see Binance coin breaking the recently set monthly price low of $260. It is also an indication that we might be entering into another long-term bearish trend that might see the Binance price pushed below the $250 price level in the coming weeks. Its significant correlation with the industry, which is currently trending aggressively bearish, may also see Binance Coin getting dragged down in the next few trading sessions. However, a trade above the $310 price level will invalidate my analysis and signal a possible bullish price reversal.
Kelvin Maina is a computer science graduate who has a passion for cryptocurrencies. In 2017, he became professional crypto and Forex technical analyst for CryptoPolitan and in 2022, he joined InvestingCube.com.
United States of America
