According to data from CoinMarketCap, the Binance Coin (BNB) recorded a trading week with no significant events, resulting in a net gain of 1.78%. Amidst much uncertainty in the crypto market, the altcoin has experienced a major dual price trend in February resulting in a price change of <1% in this period. Following recent developments, the BNB market is in a precarious position hinting at a possible price slide.<\/p>\n
In an X post<\/a> on Saturday, crypto analyst Ali Martinez provided valuable insight into the Binance Coin price structure. During a price rally in mid-February, BNB rose by over 34%, breaking past the $720 resistance zone<\/a> to reach a local peak of $723. However, the asset failed to hold above $720 and has since dipped as low as $650.<\/p>\n Following this price pattern, Martinez postulates that if BNB is displaying a deviation, the altcoin could soon experience significant losses. For context, a deviation occurs when an asset\u2019s price breaks above a key resistance level but fails to sustain this move reversing back into its previous price range. A deviation can indicate a market strength suggesting a lack of momentum in the absence of a clear price breakout.<\/p>\n According to Martinez, if the Binance Coin is undergoing a deviation, market prices are likely to plummet with initial support zones set around $505. However, the first major support level for BNB bulls would be at $380, which represents the midpoint of the asset\u2019s current parallel trading channel.<\/p>\n Notably, in the presence of strong selling pressure, likely due to expectations for BNB to complete a range-bound movement, the token could fall to as low as $214 representing a potential 73% decline from current market prices.\u00a0 To invalidate this bearish sentiment, BNB would need to quickly reclaim $720, which would suggest sufficient buying momentum to sustain an uptrend.<\/p>\n At the time of writing, Binance Coin exchanges hands at $668 after a 3.43% price increase in the past day. As earlier stated, weekly gains stand at 1.78% reducing the overall decline in the past 30 days to 3.13%.<\/p>\n According to its daily chart, BNB\u2019s price has failed to break above its 100-day Simple Moving Average (SMA) suggesting a downtrend in the short term. However, the asset\u2019s Relative Strength Index is at 54.40 and heading upwards indicating potential for some immediate price growth before entering the overbought zone (70).<\/p>\n With a market cap of $95.22 billion, BNB is ranked as the fifth largest cryptocurrency in the crypto market.<\/p>","protected":false},"excerpt":{"rendered":" According to data from CoinMarketCap, the Binance Coin (BNB) recorded a trading week with no significant events, resulting in a net gain of 1.78%. Amidst much uncertainty in the crypto market, the altcoin has experienced a major dual price trend in February resulting in a price change of <1% in this period. Following recent developments, […]<\/p>\n","protected":false},"author":0,"featured_media":47063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-47062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/47062"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47062"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/47062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/47063"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BNB Price Overview<\/strong><\/h2>\n