Key Takeaways:
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BNB faces short -term correctional risks but preserves a bullish macro structure.
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A bull flag is still played, pointing to a BNB’s target price of over $ 2,000.
Bnb (Bnb) dropped 10% in the past 24 hours, reflecting the regional sentiment in the broader crypto market.
With a 13% drawdown from its $ 1,300 all-time high reached MondayThe question remains if the upside is done for the token associated with Binance.
BNB faces the risks of “overbought”
BNB/USD pair hits a lot of hours high since late July, pushed Relative Strength Index (RSI) In the weekly chart in excess territory, to raise the risk of a short -term pullback.
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The RSI reached 81 last week before dropping the current level of 71. These elevated levels were historically associated with significant price pullbacks, as seen in 2021 (a 70% collapse) and July 2024 (a 44% pullback).
A correction towards the psychological level at $ 1,000 seems to be more likely in the coming days, if the recent refusal of over -thinking is any indication.
BNB collapse can expand towards the $ 730- $ 860 zone, where the 20-week simple transfer of average (SMA) and the 50-week SMA are currently seating. These trendlines have provided reliable support to recent pullbacks.
BNB’s RSI is “currently in overbought range in many seasons,” Analyst Saint write In an x post, adding:
“It indicates the potential for price correction, which can lead to a integration or a pullback.”
BNB prices can drop to $ 1,000
A double-top formation in the four-hour BNB chart returned to the pattern neckline at $ 1,000, as shown below. Such a move will bring total losses to 17% from the current levels.
The odds of a potential short-term pullback on BNB prices have been raised by a growing variation between its price and the RSI.
The above chart shows that while the BNB/USD pair is formed higher between October 7 and Monday, the RSI printed by lower highs.
A variation between rising prices and a falling RSI usually indicates weakness in existing climbing, prompting entrepreneurs to sell more to local highs as income incomes and sets consumer fatigue.
Is BNB price in a technical correction?
Despite today’s pullback, analysts are convinced that BNB bulls are still in control, based on price action in higher time frames.
Data from Cointelegraph Markets Pro and Tradingview suggests that the price remains bullish on the monthly time frame, with a bull flag that has been effective since October 2023, suggesting that BNB could increase by a high $ 2,100.
Such a move represents 73% obtained from the current price.
Many analysts remain convinced that BNB still has a room to run, with a $ 2,000 target that is not “far away.”
“$ BNB is still looking strong after crashing,” Henry analyst Says In an x post, adding:
“It looks like the BNB will flip the ETH as soon as possible if it goes at the same speed. Next target is $ 2K, not much, far away. New athlete loads.”
Fellow Analyst Coincentral Says There are many factors, including Binance’s $ 283 million payout to the affected users and High activity in the networkIt can add to BNB tails need to maintain the bull’s trend.
“The analysts of $ 2,000 target next.”
Number Cointelegraph reportedA day -to -day candle near the top of $ 1,350 will signal that the bulls will remain controlled, along with the BNB/USDT pair can rally for $ 1,600 and more.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
