In the impressive rally of the leading crypto currency Bitcoin, most altcoins performed well in terms of price growth in the first few days of the month. But the recent sudden collapse has turned the market upside down, eroding much of the gains. On the other hand, there were some crypto coins that showed signs of decline even before the last decline occurred. Binance Coin (BNB) this comes at the very beginning of the examples. Before the September 7 fall, most crypto currencies were experiencing a rise, while the BNB could not exceed the 500 dollar resistance level.
High Expectation, Low Pricing
BNB is known as a benchmark currency on the market, which is trending dec social media, is popular with investors, and often mentions its name. At BNB, which has performed decently well in the 2020 rally, it is a question mark among investors whether the uptrend will continue. Will the BNB be able to catch up with the momentum of the previous uptrend or will it make downward price movements from strong resistance areas?
Although BNB’s social metrics and price movement were more bullish than last week, its MVRV (Market Value to Realized Value) was moving in negative territory. Even the NFT fury, which has been growing rapidly lately, has not had much of an effect. On September 9, it was announced that the BNBPunks team, BNB NFT despite promoting the marketplace, it failed to generate any excitement among investors due to falling prices.
The Situation Does Not Look So Bright
The fact that BNB cannot exceed the 500 dollar resistance level even in the latest uptrend and makes a downward price movement of 20% with the recent sudden decline experienced by the market is quite a negative situation for BNB. But there are also analysts who think that these levels are an opportunity to buy from the bottom. At the moment of writing BNB, it is trading at $402. Even if the market gathers and prices start to move up sharply, the BNB will have achieved an average gain rate of 20% even if it approaches the $507 resistance level from the current level. If the market makes a clear direction for itself in the coming days, the situation in BNB will also become clearer.
The information contained in this article absolutely does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and they should conduct their transactions in accordance with their own research.