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Binance coin is trending down, is there to worry?


As Bitcoin revisits $ 14,000, there are some crypto market participants who are not behaving so positively. Among the largest, Binance coin has performed the worst lately, with a downward trend that has already seen it lose almost 20% from the recent peak of $ 32.73.

But is BNB’s current situation really worrisome? To find out, below we carry out a situational analysis of this token.

Binance coin technical analysis

At the time of writing, BNB is trading at $ 26.34, with a slight loss of 1.83% in the last 24 hours, and a relevant 14.65% in the last 7 days.

That loss of the last few days is what makes us write this publication, however, when looking at it from the monthly chart, it is still not at all something to worry about.

In the long term the trend of this crypto has been totally bullish, thanks to a continuous search for all-time highs.

In recent months we have seen an attempt to resume this trend, after falling back to $ 6.38, which appears to be the bottom of the corrective process.

If the current situation is what it seems, BNB should be looking for a new all-time high in the coming months. Thus, for holders the recent decline is not relevant at all.

Binance coin price monthly chart. Source: TradingView.

Medium-term trend

Already from the weekly chart we begin to observe in more detail the important recent downward intention, which currently defies the medium-term trend.

Today the immediate weekly support is being visited, located at $ 26.31. Despite the fact that breaking this level puts the medium-term trend at risk, there is still a demand zone that extends to $ 22, towards which we could see falls to seek purchase intentions that resume the previous trend.

At the moment the odds are up in this time frame, and would change if the entire demand zone is effectively traversed.

Weekly chart of Binance coin while its price is trending down. Source: TradingView.
Weekly chart of Binance coin while its price is trending down. Source: TradingView.

Short term trend

The daily chart is where it is clear how the bears took control in the short term, engulfing Binance coin in a small but relevant downtrend.

As I mentioned, a relevant support is currently being visited, located at $ 26.30. If this level is crossed, which is quite likely, the ground will be clear to $ 24. Further down the next level is at $ 22.8.

Binance coin vs Tether daily chart. Source: TradingView.
Binance coin vs Tether daily chart. Source: TradingView.

In conclusion, the major trends that are always the most relevant, tell us that the downward intentions in the short term are not relevant at the moment.

In any case, it is important to monitor this behavior, because just as the larger trends put pressure on the smaller ones, those that are tiny at first build movements that in the end can turn into big changes.

All our publications are informative in nature, so in no case should they be followed as investment advice.

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