BNB Price Prediction: Bears Target Fresh Lows Below $300


BNB price (Binance coin) is struggling to clear the $315 resistance against the US Dollar.It is declining and remains at risk of a move below $300.- Binance coin price is moving lower from the $315 resistance against the US Dollar.- The price is now trading below $312 and the 100 simple moving average (4 hours).-…

BNB price (Binance coin) is struggling to clear the $315 resistance against the US Dollar.It is declining and remains at risk of a move below $300.- Binance coin price is moving lower from the $315 resistance against the US Dollar.- The price is now trading below $312 and the 100 simple moving average (4 hours).- There is a key bearish trend line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair (data source from Binance).

– The pair could accelerate lower if it breaks the $305 support zone.Binance Coin Price Dips Again This past week, BNB price attempted an upside break above the $312 resistance.However, the bulls struggled to gain strength above $315, similar to Bitcoin and Ethereum.

A high is formed near $315.5 and the price is now moving lower.There was a move below the 50% Fib retracement level of the upward move from the $304 swing low to the $315 high.BNB price is now trading below $312 and the 100 simple moving average (4 hours).There is also a key bearish trend line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair.It seems like the price is now approaching the $305 support.Source: BNBUSD on On the upside, BNB is facing resistance near the $312 level and the 100 simple moving average (4 hours).The next major resistance is near the trend line or $315.A clear move above the $315 resistance might spark bullish moves.

The next major resistance is near the $320 level, above which the price might rise toward the $332 resistance.Any more gains might send the price toward the $340 level.More Losses in BNB? If BNB fails to clear the $315 resistance, it could continue to move down.Initial support on the downside is near the $307 level.

The next major support is near the $305 level.If there is a downside break below the $305 support, there could be an extended decline toward the $300 support.Any more losses could send the price toward the $284 support.Technical Indicators 4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.Major Support Levels – $305, $300, and $284.Major Resistance Levels – $312, $315, and $320.Aayush Jindal Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist.

He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer.He also founded an IT company and works rigorously in providing high-quality software services.Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets.Follow him on Twitter @AayushJs.

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Disclaimer: Any financial and crypto market information given on Analytics Insight is written for informational purpose only and is not an investment advice.Conduct your own research by contacting financial experts before making any investment decisions.The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Analytics Insight of being absolved from any/ all potential legal action, or enforceable claims.- Digital investment products saw outflows of $54 million last week.

– While investors focused their attention on BTC and short-BTC, altcoins logged inflows Outflows from digital asset investment products totaled $54 million last week, bringing the third consecutive week of outflows to $200 million, CoinShares found in a report published on 15 May.Read Bitcoin’s [BTC] Price Prediction 2023-24 Per its previous report, CoinShares had noted that the continued exit of liquidity from digital asset investment products was due to the negative sentiments ravaging the general cryptocurrency market.As negative sentiments lingered last week, even more divestments were made, with a notable portion of those outflows related to Bitcoin [BTC].According to CoinShares, the $54 million in outflows from digital asset investment products recorded last week represented 0.6% of total assets under management (AuM).As the market trended downwards, causing the prices of crypto assets to fall, total AuM fell by “13% since their mid-April peak.” As BTC remains in the $27,000 price range, investment withdrawal climbs In its report, CoinShares found that “investors focus(ed) on Bitcoin,” as the king coin logged outflows totaling $38 million last week.

This represented 70% of the total monies removed from investment products during that period.Moreso, this figure brought the coin’s fourth week of outflows to $160 million.The additional $38 million in outflows brought the BTC’s month-to-date outflows to $69 million and year-to-date outflows to $78 million.It also led to a 4% reduction in the coin’s total AuM within a seven-day period.As for short-Bitcoin investments, there were $10.4 million worth of outflows, bringing its month-to-date outflows to $34 million.

In the previous week, short-Bitcoin investment products recorded their largest weekly outflows of $23.How much are 1,10,100 BTCs worth today? Alts were the winners Per CoinShares, the multi-assets investment market experienced a total outflow of $7 million last week.

However, an interesting trend of inflows was witnessed across eight distinct altcoin assets, “suggesting investors are becoming more adventurous and selective.” Altcoins such as Ethereum [ETH], Cardano [ADA], Tron [TRX], and Sandbox [SAND] recorded inflows of $100,000, $500,000, $230,000, and $200,000, respectively.Conversely, the only altcoin to witness outflows was Binance’s BNB coin, which saw a withdrawal of $500,000.Regarding regional sentiments, CoinShares noted: “Similar to last week, the outflows were broad from a regional perspective, suggesting negative sentiment is not concentrated on just a few investors.That said, the outflows were focussed primarily in Europe, particularly when taking into account that 84% of outflows in the US were from investors selling out of short positions.” Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- Mild bullish momentum spurred gains for BNB.- Funding rates remained negative.

Binance Coin [BNB] climbed higher at press time, posting over 3.5% gains in the past 48 hours.The altcoin traded at $313.The mild bullish momentum followed bulls, securing the $303 support level.A recent price report highlighted the significance of this support level as a rallying point for BNB buyers.Read Binance Coin’s [BNB] Price Prediction 2023-24 With Bitcoin [BTC] also edging into the $27k price zone, BNB bulls will look to record more gains.However, they have a strong bearish order block to contend with.

Bulls defended the $303 support level The $303 level has previously acted as a strong support for BNB.A test of this support level in early April saw BNB rally to its Year-To-Date high of $350.BNB bulls will be hoping for a repeat.At press time, the on-chart indicators supported the mild bullish momentum.The OBV recorded an uptick to signal incoming volume.The RSI also crossed above the neutral 50 and stood at 56.1.The CMF added another confirmation with a reading of 0.15.

If the $303 support continues to hold, it will be a sign of bullish momentum that could tip the BNB/USDT pair to retest the recent price ceiling at $350.However, bulls will face significant pushback, due to a bearish order block at the $350 price zone.On the downside, a retest of the $303 support might signify a weakening structure.Such a move could see sellers drive the altcoin down to its March low of $283.

Is your portfolio green? Check the Binance Coin Profit Calculator Mixed sentiment could hamper bullish rally A view of BNB’s 30-day Market Value to Realized Value (MVRV) ratio on Santiment showed that BNB had crossed into overvalued territory.The MVRV metric, at press time, stood at approximately 2%.It hinted at increased upward movement for the altcoin.

However, the bears still held significant control in the futures market.Data from Coinalyze showed that funding rates remained negative while Open Interest also continued its decline.

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