BNB prices set to descend after the sweep of $250 as…

AMBCrypto
AMBCrypto

28 Jun 2023 9:30 PM

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.

The sentiment behind Binance Coin is negative, reflecting the bearish market trend and the losses suffered by BNB holders.

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