Binance’s native token BNB is at a crucial level after experiencing a price decline of over 10% in the last four days. Despite the notable price drop, it is still in an uptrend as BNB continues to hold above the 200 Exponential Moving Average (EMA) on a daily time frame.
BNB Price Prediction
However, the BNB’s current level acts as a make-or-break point due to the presence of the 200 EMA and strong horizontal support.
Based on the price action and technical analysis, if BNB maintains itself above the 200 EMA, there is a high possibility it could soar by 12% to the $600 level. Meanwhile, if it fails to do so and closes a daily candle below the 200 EMA or the $517 level, there is a high chance it could fall to the $465 level in the coming days.
It is not easy to fall below the 200 EMA. Top cryptocurrencies, including Solana (SOL) and XRP (XRP), have continuously held and maintained their prices above this level despite the market crash because the 200 EMA acts as a strong support level.
Open Interest and Market Sentiment
At press time, BNB is trading near $534 and has experienced a price drop of over 2.7% in the last 24 hours. Meanwhile, its trading volume has increased by 14% during the same period, indicating higher participation from traders amid the recent price drop.
Whereas, BNB’s open interest has dropped by 4% in the last 24 hours, according to the on-chain analytic firm CoinGlass. This decline indicates fear and a lack of interest from traders amid bearish market sentiment.
Expert Bullish Outlook
Recently, a crypto expert made a post on X (previously Twitter) stating that BNB will soon explode once the Binance founder and ex-CEO Changpeng Zhao is released from prison. Such posts by industry experts create a bullish outlook for BNB. However, the current market sentiment is falling in contrast to this belief.
