Market
Will a 12% Correction Follow?
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.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
GOAT price has skyrocketed 214.29% in one month, recently breaking into the $1 billion market cap and securing its place as the 10th largest meme coin. It now stands just ahead of MOG, which closely trails its position in the rankings.
However, recent indicators suggest that GOAT’s uptrend may be weakening, raising questions about whether it can sustain its rally or face a potential correction.
GOAT BBTrend Is Negative For The First Time In 4 Days
GOAT BBTrend has turned negative for the first time since November 17, now sitting at -0.54. This shift suggests that bearish momentum is beginning to take hold, with the asset’s recent upward trajectory starting to weaken potentially.
BBTrend measures the strength and direction of price trends using Bollinger Bands, with positive values indicating an uptrend and negative values signaling a downtrend. A negative BBTrend reflects increased downward pressure, which could indicate the start of a broader market shift.
GOAT has had an impressive November, gaining 61% and reaching a new all-time high on November 17.
However, the current negative BBTrend, if it persists and grows, could signal the potential for further bearish momentum.
GOAT Is In A Neutral Zone
GOAT’s RSI has dropped to 52, down from over 70 a few days ago when it reached its all-time high. This decline indicates that buying momentum has cooled off, and the market has moved out of the overbought zone.
The drop suggests a shift toward a more neutral sentiment as traders consolidate gains and the strong bullish pressure seen earlier subsides.
RSI measures the strength and velocity of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 52, GOAT’s RSI is in a neutral zone, neither signaling strong bullish nor bearish momentum.
This could mean the current uptrend is losing strength, and the price may consolidate or move sideways unless renewed buying pressure reignites upward momentum.
GOAT Price Prediction: A New Surge Until $1.50?
If GOAT current uptrend regains strength, it could retest its all-time high of $1.37, establishing its market cap above $1 billion, a fundamental threshold for being among the biggest meme coins in the market today.
Breaking above this level could pave the way for further gains, potentially reaching the next thresholds at $1.40 or even $1.50, signaling renewed bullish momentum and market confidence.
However, as shown by indicators like RSI and BBTrend, the uptrend may be losing steam. If a downtrend emerges, GOAT price could test its nearest support zones at $0.80 and $0.69.
Should these levels fail to hold, the price could fall further, potentially reaching $0.419, putting its position in the top 10 ranking of biggest meme coins at risk.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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