A worrying prognosis has cast a shadow over Binance Coin’s (BNB) future after a well-known cryptocurrency expert who goes by the alias Altcoin Sherpa pointed out concerning signs for the digital asset. According to a seasoned expert, BNB, the native currency of Binance Sensible Chain, may be crossing rough seas.
BNB Value: On the Precipice’s Edge?
According to Sherpa’s analysis, BNB could experience a significant decline with a probable decline of 23%. Should it fail to maintain its current assist level, this decline would force the coin to retrace its steps to its June 2022 lows. A new wave of Binance FUD is currently dragging down BNB, leading Altcoin Sherpa to strongly warn against purchasing the coin at this time.
The Bulls and Bears Battle
At the time this text was being written, BNB was worth $244.16. Despite repeated attempts, the price has failed to rise above and stay above the 20-day exponential moving average (EMA) of $246 up until this point in time. The inability to overcome this barrier suggests that bearish forces are attempting to turn the 20-day EMA into a resistance level, which is bad news.
Tightening Bearish Grip
The BNB value is about to be dragged all the way down to the bottom line of the symmetrical triangle, or about $227, strengthening the position of the bears, who represent those anticipating a decline in value. It is vital for bullish traders to exercise caution at this point since any further decline could put the required $220 assist level at risk.
The Reverse Aspect
There is some hope for BNB, though. If the bulls are successful in pushing the price above the 20-day EMA, this may indicate active buying at lower prices. Bulls would want to push the value past the triangle as soon as they overcame this obstacle. If this is successful, BNB might increase to a healthy $260.
Despite the odds appearing to be stacked against BNB, the market’s volatility means that things could change very fast. Only time will tell if Altcoin Sherpa’s dire prognosis is accurate.