BNB Price Faces Potential 30% Drop Amid Strong Selling Pressure
Binance Coin is under pressure after facing rejections at $1,320 and $1,350. A double-top pattern suggests potential trend exhaustion following a 95% year-to-date increase.
BNB Price Analysis
- Double-top pattern near $1,350-$1,375 indicates possible trend reversal.
- Neckline support near $1,100; a drop below could confirm bearish trend.
- Potential downside to $835, indicating a 30% decrease by early November.
Momentum indicators signal caution:
- RSI correction from overbought zone above 70.
- MACD bearish crossover shows weak buying momentum.
On-Chain Data
- Binance recorded $21.75 billion in user withdrawals last week, with $4.1 billion in a single day.
- Short-term holder NUPL above 0.25 signals potential profit-taking and price reversals.
Snorter Bot Update
Snorter Bot, a Telegram-based trading assistant, approaches a $5 million presale target:
- Token Price: $0.1079
- Funds Raised: $4.7 million
- Ticker: $SNORT
- Network: Solana
Snorter Bot focuses on Solana with plans to expand to other blockchains like Ethereum and BNB Chain.