BNB’s price has dropped by 8.72% over the past week, signaling a significant downturn for the coin. The recent price action suggests that bearish momentum is building, with technical indicators pointing to further potential downside.

Key levels of support and resistance are now crucial, as BNB hovers near important price points that could either stabilize the decline or lead to more losses.

BNB Current Trend Is Strong

BNB’s price has declined by 8.72% over the past seven days, reflecting significant downward pressure on the token. This is interesting because there was hype surrounding the release of Changpeng Zhao, Binance’s founder. However, it doesn’t seem to have moved the needle on BNB’s price.

This decline is further supported by its ADX (Average Directional Index), which currently reads 40.88.

The ADX measures the strength of a trend, regardless of its direction, and a value above 25 signals the presence of a trend, while values over 40 indicate a very strong trend. In BNB’s case, an ADX of 40.88 points to a solid and growing downtrend, suggesting that the bearish momentum is gaining strength.

Read more: How To Buy BNB and Everything You Need To Know

The ADX helps traders assess whether the market is trending strongly or not — values between 20 and 25 typically indicate a weak or uncertain trend, while anything over 25 confirms a clear trend direction. On September 30, BNB’s ADX was at 22, indicating a fairly mild trend at that time.

However, the sharp increase to 40.88 in just a few days demonstrates that the bearish momentum has significantly strengthened, signaling that the selling pressure has accelerated and the market sentiment has become decidedly negative.

BNB Ichimoku Cloud Shows The Downtrend Is Here

Looking at the Ichimoku Cloud for BNB, the price action shows signs of weakness and continuation of the downtrend. BNB has broken below the Kumo (cloud), which is a strong bearish signal, indicating that sellers are in control. The Ichimoku Cloud serves as both a support and resistance area, and with the price trading below it, this reinforces bearish sentiment.

Additionally, the leading span (Senkou Span A and B) forms the cloud ahead, which appears to be widening slightly with a downward slope. This widening cloud suggests that future resistance is strengthening, making it harder for BNB to break back above the cloud.

The Tenkan-sen (blue line) has crossed below the Kijun-sen (red line), another bearish signal known as a “bearish crossover,” which further confirms the downward trend. These two lines can act as dynamic support and resistance levels, and as long as the price stays below them, the downtrend remains intact.

The Chikou Span (green line) is also below the price from 26 periods ago, reinforcing that the current market sentiment is bearish. Overall, with BNB breaking below key Ichimoku levels and the cloud acting as overhead resistance, the chart suggests that BNB is likely to continue its downtrend unless a significant reversal occurs.

BNB Price Prediction: Potential 12% Correction Coming

BNB’s short-term EMA lines have just crossed below its long-term EMA lines, forming a “death cross”. That is a strong bearish indicator often associated with a potential market downturn. The death cross typically signals a transition from bullish momentum to bearish momentum as the shorter-term price trend weakens and dips below the long-term trend.

EMA, or Exponential Moving Average, lines are technical indicators that smooth out price fluctuations by giving more importance to recent price data. This allows traders to assess the current market direction better. In the case of BNB, this crossover suggests that selling pressure is intensifying, and the token could see further downside in the near term.

At present, BNB is testing a strong support level at $527, which is crucial for holding off further declines. If this support fails, there is a possibility of a deeper correction, with the price potentially falling to $471, representing a further 12% drop from current levels.

Read more: BNB: A Comprehensive Guide to What It Is and How It Works

Such a move would reflect sustained bearish momentum and could attract more selling activity. However, if buyers step in and the market sentiment shifts, BNB has the potential to reverse its current downtrend.

In that case, the first major resistance would be at $562, and a break above this level could propel the price to test the next significant resistance at $598, offering a potential gain of 11.7%. This pivot point will be key for traders watching for either a bearish continuation or a possible bullish recovery.

Last week, Shiba Inu (SHIB) price hinted at a move toward $0.000020. But over the last few days, that has not happened, as the meme coin’s value is now $0.000016.

This decline fell short of the broader market expectations and may have prompted traders to reassess their strategies. Despite the decline, it appears that SHIB bulls are pushing for a renewed bounce and setting the stage for a potential rise toward the previous targets.

Shiba Inu Falls Shorts, But It’s Not the End

SHIB’s price has decreased by 6.75% in the last seven days. However, as of this writing, the Bulls and Bears indicator shows that Shiba Inu bulls have the upper hand.

Bulls, in this context, are addresses that bought more than 1% of the total trading volume within a given period. Bears, on the other hand, are addresses that sold. When the volume traded by bears is higher than that of bulls, the price is likely to decrease.

Conversely, a higher volume purchased by bulls suggests that a price increase is likely. For SHIB, it is the latter. Therefore, if bulls sustain this momentum in the coming days, SHIB’s price could begin moving toward $0.000020.

Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

Shiba Inu’s Weighted Sentiment is another indicator supporting this bias. Weighted Sentiment employs social volume to gauge investors’ perceptions of a cryptocurrency.

If the sentiment reading is negative, then most comments online are pessimistic. When this happens, it becomes difficult for the cryptocurrency to see increased demand. On the other hand, a positive sentiment implies otherwise and usually precedes an increase.

On October 1, SHIB’s Weighted Sentiment dropped to the negative region. But today, that rating has returned to positive territory, suggesting that a price increase could be coming for the token.

SHIB Price Prediction: Bounce Possible

Based on the daily chart, SHIB’s price is approaching the support line at $0.000015. As it stands, selling pressure, as indicated by the volume, is not as intense as it was earlier. Should this remain the same, then the meme coin might avoid an extended downtrend.

On another look at the chart, the next major point of interest for SHIB is around $0.000018. Therefore, if the token bounces off $0.000015 and buying pressure increases, SHIB bulls might drive the price toward that region.

Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

In a highly bullish market condition, SHIB’s price can rally to $0.000020. However, failure to successfully defend the $0.000015 might lead the price further down. If that happens, Shiba Inu’s value could sink to $0.000013.

The Dogecoin (DOGE) price is facing a potential shift toward a more pronounced downtrend, as recent technical signals suggest growing bearish momentum.

While selling pressure has increased, key support levels remain in focus and could play a pivotal role in determining the next move. The coming days may reveal whether DOGE continues its descent or stages a reversal toward resistance levels.

DOGE Aroon Indicator Shows A Bearish State

The Aroon indicator for Dogecoin currently shows a clear bearish trend, with the Aroon Down at 92.86% and the Aroon Up at just 7.14%. This means that DOGE has recently made a new low, while the upward momentum is weak, as there hasn’t been a recent high.

The high Aroon Down value signals strong downward pressure, indicating that the market has been trending lower. With the Aroon Up nearly flat, it reflects minimal buying interest or bullish momentum, further confirming that DOGE is in a downtrend.

The Aroon metric is a technical indicator used to identify trends and the strength of those trends. It consists of two lines — Aroon Up and Aroon Down — that measure how many periods have passed since a recent high and low, respectively. When the Aroon Up is close to 100%, it means the asset has recently made a new high, signaling strong bullish momentum.

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

Conversely, when Aroon Down is near 100%, it indicates the asset has made a new low, signaling a strong bearish trend. The interplay of these two lines helps traders assess whether an asset is trending, in which direction, and the potential strength of that trend.

Historically, the Aroon chart for DOGE shows frequent shifts between upward and downward movements, but at present, the prevailing sentiment is bearish. Unless the Aroon Up begins to rise significantly, suggesting a new high, the outlook remains weak for DOGE in the near term.

Dogecoin CMF Just Turned Negative

The Chaikin Money Flow (CMF) indicator for Dogecoin (DOGE) is currently reading -0.06, which signals mild bearish momentum. The CMF fluctuates between -1 and 1, and a value near zero often indicates indecision or neutral momentum. However, the fact that it is slightly negative suggests that selling pressure outweighs buying pressure.

The Chaikin Money Flow measures the volume-weighted average of accumulation and distribution over a specific period, typically 20 or 21 periods. It helps traders identify whether the market is being accumulated (buying pressure) or distributed (selling pressure).

Positive CMF values indicate accumulation or buying pressure, while negative values indicate distribution or selling pressure. The closer the value is to 1 or -1, the stronger the trend. A reading near zero suggests a balance between buyers and sellers.

In recent weeks, the CMF has fluctuated above and below the zero line, indicating alternating periods of buying and selling dominance. The peaks above 0.20 in mid-August and again in late September suggest brief periods of stronger buying pressure.

However, the recent dip into negative territory, especially towards the end of the chart, confirms that selling pressure has started to regain control, though it’s not particularly strong at this moment.

DOGE Price Prediction: A Strong Correction Ahead?

Dogecoin’s (DOGE) short-term EMA lines are crossing below the long-term EMA lines, signaling a potential shift toward a bearish trend. This kind of crossover is often viewed as a warning that the market may be entering a more extended period of decline as short-term momentum weakens compared to the longer-term price average.

While the Chaikin Money Flow (CMF) indicator shows that the current downtrend isn’t particularly strong, the formation of a death cross in the EMA lines suggests that this selling pressure could intensify in the coming days.

Exponential Moving Averages (EMA) are trend-following indicators that place more weight on recent price data, making them quicker to respond to market changes. When shorter-term EMAs cross below longer-term EMAs, it often signals increasing bearish momentum, which could lead to further downside movement.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

If the downtrend continues, DOGE price is likely to test support around the $0.097 level. Should this support fail to hold, the next key levels could be $0.088 and potentially even as low as $0.080.

However, if the trend reverses, DOGE could retest its resistance levels at $0.108 and $0.11. A break above these could pave the way for a rise toward the $0.13 mark.