Indicators Predict Binance Coin Price Will Drop

Binance Coin (BNB) has been in a rout for the past 10 days setting higher highs on the single-day price chart.

After breaking through the psychological barrier at $300 during the last month, BNB price sits at the $332 mark as of the time of writing. Over the past 10 days BNB, which is ranked fourth by market capitalization managed to record upwards of 20%.

There is any stopping the cost for BNB coin?

BNB price action could come to an end

The Binance coin’s positive price momentum that exhibited more than 7.63 percent daily and 21.60 percent weekly gains as of press time, appeared to be fairly solid. Even though price action was slowing down on the short-term market chart (hourly) and 24-hour trading volumes were in excess of $2 billion with an increase of 44.87 percent increase over the course of the day.

From a viewpoint of a technical point of view, BNB’s 24-hour price chart was showing indications of an overheated. The daily The RSI fell into the “oversold” area and could be in need of an adjustment.

Additionally, as price is testing the higher level of resistance at $327 from which it has experienced the possibility of a pullback, chance of a quick price retraction are greater.

Profit-taking is a reality

On-chain data for Binance Coin suggest that at higher prices, significant profits were made.

Pseudonymous On-chain analyst Crypto Sunmoon shared on Twitter that despite BNB prices were increasing but huge profits were made as well as whale transaction volume was not rising.

Furthermore the BNB’s Age consumed metric witnessed a rise of 860K on October 31st, while its MVRV for the long-term had a tendency to be in overheated territory. Therefore, a rise in BNB prices may end sooner or later.

If the bearish trend is not successful, a move to $380 is likely in the direction of BNB bulls.

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