Binance Coin (BNB) Anticipates Widespread Losses, Break Below $500 Ahead

Earlier in the month, BNB had risen by almost 20% after the August 5 market crash.

The price of Binance Coin (BNB) has seen a slight decline over the past 24 hours, which could indicate the start of a more pronounced downtrend. After climbing nearly 20% earlier in the month following the August 5 market crash, BNB now appears to be reversing its gains.

Binance Coin (BNB) price has seen a slight decline over the past 24 hours, which could indicate the start of a more pronounced downtrend. After climbing nearly 20% earlier in the month following the August 5 market crash, BNB now appears to be reversing its gains.

At the time of writing, BNB is trading at $552. However, an analysis of the daily chart reveals a bearish flag pattern, which could amplify the recent pullback. A bear flag forms when the descent of a downtrend creates a parallel channel by connecting the highs and lows of a short-term uptrend.

At the time of writing, BNB is trading at $552. However, an analysis of the daily chart reveals a bearish flag pattern, which could amplify the recent pullback. A bear flag forms when the descent of a downtrend creates a parallel channel by connecting the highs and lows of a short-term uptrend.

The bulls briefly attempted to slow the decline, but their efforts were in vain. Despite a few moments of profit-taking where bears were caught off guard, the decline eventually took over. The bears dragged BNB down from a high of $600 to $552 in a matter of days.

The bulls briefly attempted to slow the decline, but their efforts were in vain. Despite a few moments of profit-taking where bears were caught off guard, the decline eventually took over. The bears dragged BNB down from a high of $600 to $552 in a matter of days.

Despite this pullback, the presence of a bearish flag suggests that the downtrend could continue. If this pattern comes true, BNB could fall towards $500.

Despite this pullback, the presence of a bearish flag suggests that the downtrend could continue. If this pattern comes true, BNB could fall towards $500.

To go further: Here's how to buy BNB

To go further: Here's how to buy BNB Moreover, the Money Flow Index (MFI) supports the bearish outlook. This indicator analyzes price and volume data to measure buying and selling pressure. When the value of MFI increases, it generally suggests an influx of capital and a potential rise in prices. Conversely, a decline indicates a withdrawal of capital, announcing a bearish trend.

Additionally, the Money Flow Index (MFI) supports the bearish outlook. This indicator analyzes price and volume data to measure buying and selling pressure. When the value of MFI increases, it generally suggests an influx of capital and a potential rise in prices. Conversely, a decline indicates a withdrawal of capital, announcing a downward trend. As shown in the chart below, the price of BNB corresponds to the downtrend of this oscillator. This indicates that a bullish reversal is unlikely in the short term. Therefore, the price of BNB could continue to weaken.

As shown in the chart below, the price of BNB corresponds to the downtrend of this oscillator. This indicates that a bullish reversal is unlikely in the short term. Therefore, the price of BNB could continue to weaken. Price Prediction: A Break Below $500 Coming?

Price Prediction: A Break Below $500 Coming? Using the same analysis methodology on the daily chart, BeInCrypto examined the Fibonacci retracement indicator. These retracement levels, often abbreviated as "Fib levels", are horizontal lines that determine areas of support and resistance.

Using the same analysis methodology on the daily chart, BeInCrypto examined the Fibonacci retracement indicator. These retracement levels, often abbreviated as "Fib levels", are horizontal lines that determine areas of support and resistance.

Chaque niveau de Fibonacci correspond à des pourcentages ou des ratios précis utilisés pour identifier les pics et les creux. Les seuils cruciaux sont à 23,6 %, 38,2 %, 50 %, 61,8 % et 78,6 %. Si la pression acheteuse s'intensifie, le prix du BNB pourrait grimper au prochain niveau Fib dans la tranche supérieure.

Each Fibonacci level corresponds to specific percentages or ratios used to identify peaks and troughs. The crucial thresholds are at 23.6%, 38.2%, 50%, 61.8% and 78.6%. If buying pressure intensifies, BNB price could surge to the next Fib level in the upper bracket.

Cependant, compte tenu de la tendance actuelle, le prix du BNB pourrait chuter à 526 $. C'est là que se trouve le ratio du golden pocket à 61,8 %. Si la pression vendeuse augmente, le prix pourrait descendre sous le seuil de support de 500 $, voire atteindre 472 $.

However, considering the current trend, BNB price could drop to $526. This is where the golden pocket ratio sits at 61.8%. If the selling pressure increases, the price could drop below the $500 support level or even reach $472.

D'un autre côté, si le prix rebondit, le BNB pourrait franchir la barrière psychologique des 500 $. Dans ce cas, l'altcoin pourrait s'apprécier jusqu'à 564 $ ou même atteindre 601,90 $.

On the other hand, if the price rebounds, BNB could break the psychological barrier of $500. In this case, the altcoin could appreciate up to $564 or even reach $601.90.

Pour conclure, les perspectives à court terme du BNB sont devenues négatives.

To conclude, the short-term outlook for BNB has turned negative.

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