{"id":181131,"date":"2023-09-09T11:39:38","date_gmt":"2023-09-09T11:39:38","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181131"},"modified":"2023-09-09T11:39:38","modified_gmt":"2023-09-09T11:39:38","slug":"binance-coin-will-correction-trend-push-bnb-under-200","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/binance-coin-will-correction-trend-push-bnb-under-200\/","title":{"rendered":"Binance Coin: Will Correction Trend Push BNB Under $200?"},"content":{"rendered":"
Binance Coin (BNB) has experienced a notable setback, retracing from its overhead resistance for the third time in just two months. This downward trajectory has formed a falling wedge pattern, a technical indicator characterized by declining peaks and troughs confined within two converging trend lines.<\/span><\/p>\n As of the latest data from <\/span>CoinGecko<\/span>, BNB is currently trading at $214.94, with a 24-hour decline of 0.9% and a modest seven-day gain of 0.6%. On August 31, the BNB price dipped below the critical $220 local support level, signaling the possibility of further bearish movement.<\/span><\/p>\n However, amidst the prevailing market uncertainty, BNB’s price has turned sideways, leaving both buyers and sellers in a state of indecision.<\/span><\/p>\n BNB weekly price action. Source: Coingecko<\/p>\n The falling wedge pattern, often referred to as an ending diagonal pattern, can be seen as a potential signal of exhaustion within a prevailing bearish phase, hinting at a potential trend reversal. If the recent breach below $220 fails to sustain, it could open the door for buyers to challenge the overhead resistance.<\/span><\/p>\n Price analysis<\/span> suggests that a successful breakout from this falling wedge pattern would signify a bullish turnaround for BNB. This could potentially propel the coin’s price to target levels of $234, and if momentum continues to favor buyers, it may even reach heights of $247 or even $263.<\/span><\/p>\n In a parallel development, PancakeSwap (CAKE) has achieved a significant milestone in the cryptocurrency ecosystem. According to a <\/span>post by glebk.eth<\/span>, PancakeSwap’s monthly revenue has surpassed that of BNB Chain over the last 30 days.<\/span><\/p>\n .@PancakeSwap surpassed @BNBCHAIN in terms of monthly revenue<\/p>\n Data source: @tokenterminal $CAKE $BNB #BNB #BNBChain pic.twitter.com\/Vp1bHg8o6N<\/p>\n \u2014 glebk.eth (@glebk_eth) September 7, 2023<\/p>\n PancakeSwap operates on BNB Chain due to its lower transaction costs, which allow users to swap tokens with significantly reduced fees compared to Ethereum (ETH).<\/span><\/p>\n Token Terminal data reveals that, as of September 6, PancakeSwap generated fees totaling $96,237, indicating a substantial increase in user transactions compared to the previous day. <\/span><\/p>\n In contrast, BNB Chain’s 30-day revenue stood at $931,700 on September 7. PancakeSwap’s revenue during the same period, however, exceeded expectations, reaching $970,800.<\/span><\/p>\n <\/p>\n BNB market cap currently at $33 billion on the weekend chart: TradingView.com<\/p>\n These developments in the crypto market highlight the ongoing battle between various blockchain platforms and decentralized exchanges. <\/span>BNB’s struggle<\/span> with overhead resistance underscores the challenges faced by cryptocurrencies in maintaining upward momentum amid market volatility.<\/span><\/p>\n As the crypto landscape continues to evolve, investors and enthusiasts will closely monitor these trends to assess the potential impact on the broader market and the long-term viability of different blockchain ecosystems.\u00a0<\/span><\/p>\n (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n Featured image from Fortune<\/span><\/em><\/p>\nBinance Coin Potential For Turnaround<\/strong><\/h2>\n
Implications For The Crypto Market<\/strong><\/h2>\n