Binance Coin Price Prediction: BNB at risk of rejection despite mounting sell signals


  • Binance Coin price has hit $60 for the first time ever on several exchanges.
  • The digital asset had a major run since the beginning of 2021 but is at risk of a pullback now.
  • Several on-chain metrics and indicators show BNB is poised for a major correction.

Binance coin is up by 60% since January 1, 2021, reaching a market capitalization of over $9 billion for the first time ever. The digital asset is on the verge of passing Litecoin and Chainlink. However, several indicators have turned bearish for the exchange token which seems poised for a correction.

Binance Coin price at risk of a major correction

It seems that the number of whales holding at least 10,000 BNB has dropped significantly since January 24 from 157 to 150 currently. Although this number had a spike in the past 24 hours, it is still in a downtrend indicating that whales are taking profit which could be concerning for the bulls.

bnb price

BNB Holders Distribution chart

Even more worrying is the fact that the TD Sequential indicator has presented a triple sell signal on the 6-hour, 12-hour and daily chart at the same time. This is more than significant and shows BNB is more than likely poised for a correction.

bnb price

BNB sell signals

Using the Fibonacci Retracement tool we can determine several important price targets on the way down. The first is located at $52.8 which is the 78.6% fib level and the next at $47.22. It’s important to note that there are almost no big support levels on the way down.  

bnb price

BNB/USD daily chart

However, if BNB bulls can hold the $52.8 support level, Binance Coin price can bounce back above $60 towards the next critical resistance level at $69 which is the 127.2% Fibonacci level.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin bulls hold the key for 40% gains

Dogecoin price has seen a massive surge after Elon Musk’s recent tweet revealed that he is working with the developers of the meme coin to improve its transaction efficiency. With DOGE approaching a critical point in its uptrend, more gains stand to be realized if buyers push through.

More Dogecoin News

Ethereum Classic targets $500 next

Ethereum Classic price surged by over 400% during the first week of May, creating a new all-time high at nearly $180. ETC has retraced since then by over 50% and is currently trading at $0.87. Now, this cryptocurrency seems prime to resume its uptrend as it tries to break out from a continuation pattern.  

More Ethereum Classic News

Ripple reversal could result in 30% advance

XRP price has witnessed a massive crash due to the Tesla-induced market crash on Wednesday. Now Ripple could either test the immediate demand barrier or slice through the supply zone to rally higher.

More Ripple News

Bitcoin clings to support, on-chain metrics show sellers' onslaught

Bitcoin price underwent a severe nosedive as Elon Musk revealed Tesla’s decision on accepting payment in BTC. This development was the major highlight of the week, with the recent mining difficulty adjustment coming in at a close second. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP