See More

Binance Coin to Drop to $44, Claims Renowned Crypto Analyst

2 mins
Updated by Ryan Boltman
Join our Trading Community on Telegram

In Brief

  • The expert believes that a cascading liquidation on the Binance ecosystem cannot be ruled out.
  • The renowned analyst has shared on Twitter that BNB could fall aggressively to $44.
  • BNB is forming the same reversal pattern that sent Bitcoin from $69,000 to $15,000.
  • promo

The well-known analyst warns that the Binance coin (BNB) can go down aggressively. Is it on the way to $44?

Since the collapse of FTX Token (FTT), investors fear that other exchanges tokens, like BNB, CRO, etc., might meet the same fate. Further, there is also a fear that FTT being declared a security will set a dangerous precedent for BNB. 

Crypto experts have pointed out, “It is possible that Binance uses its own coins (Binance USD stablecoin and BNB token), which are in the top 10 capitalizations, for reinvestment. If the assumption is correct, the risk of a cascading liquidation cannot be ruled out, following the example of FTX.”

Amidst the chaos, the famous analyst with the Twitter handle “PROFIT BLUE” has shared that BNB could go down aggressively to $44.

Binance Coin (BNB) to Drop to $44

The analyst shared that the BNB chart is forming a double-top, a bearish pattern on a monthly timeframe. The price closed below the neckline at $325.722, retested it, and failed to close above it.

The analyst shares the target of around $44 through the chart.

BNB to $44
Source: Twitter

The chart also shows Multiple times, $216 has given a decent bounce to the BNB price. No major support exists if the BNB price does not hold the $216 zone.

BNB chart
Source: TradingView, BNB/USDT, Binance

The Reversal Pattern That Sent Bitcoin From $69,000 to $15,000

PROFIT BLUE claims that BNB is forming the same reversal pattern that sent Bitcoin from $69,000 to $15,000. Bitcoin formed a similar double-top pattern on a monthly timeframe with a neckline at $35,000. After the breach of the neckline, Bitcoin’s price fell more than 50%, currently trading around $16,600.

Will BNB fall aggressively, similar to Bitcoin?

BTC USD Price
Source: TradingView, BNB/USDT, Binance

Got something to say about Binance Coin (BNB) or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2264-1.png
Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
READ FULL BIO
Sponsored
Sponsored