- BNB has fallen 4% in a day, trading at $597, while 24-hour trading volume has surged 40%.
- The 24-hour liquidation has reached $2.17 million, the majority of which were long positions.
The crypto market is in a bloodbath today, as it falls around 4% today, with the total market cap slipping toward $2.26 trillion. While the fear and greed index rose slightly to 14, from last week’s 12, it remains in the extreme fear zone, as Bitcoin, Ethereum, and most altcoins are recording losses
In line with the border market downturn, Binance coin, a fifth large-cap altcoin with $81 billion, has also fallen by around 4% in the last 24 hours, and each BNB is priced at $597. While the daily trading volume is opposite, it has been active, surged around 40%, and stands at $1.61 billion. BNB is already in a monthly downtrend, having declined more than 32% over the past month.
According to Coinglass data, the 24-hour liquidation reached $2.17 million, with long positions majorly wiped out, around $2.10 million, while only a small portion came from short liquidations. Meanwhile, open interest has declined by around 1.36% that signals reduced trader participation and weakening market sentiment.
BNB Faces Downside Pressure
On the 4-hour chart of BNB/USDT, it shows brearish structure persists with a red candle forming. The price could see the immediate support at $590, or if further deep corrections happen, the price might go below and touch the $585 – $580 range. On the upside, if BNB reverses, the price could push up to the $613, the previously marked resistance level. If the bulls take charge, it might push up $620 or even higher.
While seeing the technical indicators, BNB’s Relative Strength Index is positioned at 37, while it is approaching the oversold zone, although not yet oversold, momentum indicators suggest downside risk remains. Secondly, Binance Coin’s Moving Average Convergence and Divergence (MACD) line has crossed below the signal line and moved into negative territory, indicating that selling pressure is strengthening, as the broader market sentiment is stuck in extreme fear, so BNB may continue to face downside pressure unless bulls step in to regain the key resistance levels.
Highlighted Crypto News:
Bitwise Invest CIO Matt Hougan Defends Bitcoin with a Comparison to Gold
