BNB prices set to descend after the sweep of $250 as…
The market sentiment behind Binance Coin remained bearish and sellers were dominant on the higher timeframes....
- The market structure of Binance Coin (BNB) is bearish on the higher timeframe.
- Binance has been facing pressure from regulatory authorities, causing its market share to drop.
- The price chart indicates a bearish outlook for BNB, with a potential drop towards $220 or lower.
- The bulls failed to defend the $255 level, highlighting the bearish market sentiment.
- BNB formed a series of lower highs and lower lows, indicating a continued bearish trend.
- While the 4-hour chart showed signs of bullishness, BNB dropped below $240.
- The weighted sentiment behind BNB is negative, reflecting the current price trend.
- The 90-day MVRV ratio suggests that BNB holders are in the red territory, indicating potential undervaluation.
- The overall market sentiment remains bearish, with support levels at $220 and $205.
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The sentiment behind Binance Coin is negative, reflecting the bearish market trend and the losses suffered by BNB holders.
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