{"id":3268,"date":"2025-02-23T19:13:07","date_gmt":"2025-02-23T19:13:07","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/binance-coin-critical-test-will-bnb-hold-or-plunge-to-214\/"},"modified":"2025-02-23T19:13:07","modified_gmt":"2025-02-23T19:13:07","slug":"binance-coin-critical-test-will-bnb-hold-or-plunge-to-214","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/binance-coin-critical-test-will-bnb-hold-or-plunge-to-214\/","title":{"rendered":"Binance Coin Critical Test: Will BNB Hold Or Plunge To $214?"},"content":{"rendered":"

According to data from CoinMarketCap, the Binance Coin (BNB) recorded a trading week with no significant events, resulting in a net gain of 1.78%. Amidst much uncertainty in the crypto market, the altcoin has experienced a major dual price trend in February resulting in a price change of <1% in this period. Following recent developments, the BNB market is in a precarious position hinting at a possible price slide.<\/p>\n

BNB Deviation Could Trigger A Drop To $380 Or Lower<\/strong><\/h2>\n

In an$720 resistance zone to reach a local peak of $723. However, the asset failed to hold above $720 and has since dipped as low as $650.<\/p>\n

Following this price pattern, Martinez postulates that if BNB is displaying a deviation, the altcoin could soon experience significant losses. For context, a deviation occurs when an asset’s price breaks above a key resistance level but fails to sustain this move reversing back into its previous price range. A deviation can indicate a market strength suggesting a lack of momentum in the absence of a clear price breakout.<\/p>\n

\"BNB\"<\/p>\n

According to Martinez, if the Binance Coin is undergoing a deviation, market prices are likely to plummet with initial support zones set around $505. However, the first major support level for BNB bulls would be at $380, which represents the midpoint of the asset’s current parallel trading channel.<\/p>\n

Notably, in the presence of strong selling pressure, likely due to expectations for BNB to complete a range-bound movement, the token could fall to as low as $214 representing a potential 73% decline from current market prices.\u00a0 To invalidate this bearish sentiment, BNB would need to quickly reclaim $720, which would suggest sufficient buying momentum to sustain an uptrend.<\/p>\n

BNB Price Overview<\/strong><\/h2>\n

At the time of writing, Binance Coin exchanges hands at $668 after a 3.43% price increase in the past day. As earlier stated, weekly gains stand at 1.78% reducing the overall decline in the past 30 days to 3.13%.<\/p>\n

According to its daily chart, BNB’s price has failed to break above its 100-day Simple Moving Average (SMA) suggesting a downtrend in the short term. However, the asset’s Relative Strength Index is at 54.40 and heading upwards indicating potential for some immediate price growth before entering the overbought zone (70).<\/p>\n

With a market cap of $95.22 billion, BNB is ranked as the fifth largest cryptocurrency in the crypto market.<\/p>\n

\"BNB\"<\/p>\n","protected":false},"excerpt":{"rendered":"

According to data from CoinMarketCap, the Binance Coin (BNB) recorded a trading week with no significant events, resulting in a net gain of 1.78%. Amidst much uncertainty in the crypto market, the altcoin has experienced a major dual price trend in February resulting in a price change of <1% in this period. Following recent developments,…<\/p>\n","protected":false},"author":1,"featured_media":3269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1814],"tags":[552,584,1818,273,274],"class_list":["post-3268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-ali-martinez","tag-binance-coin","tag-bnb-parallel-channel","tag-bnbusd","tag-bnbusdt"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/3268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=3268"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/3268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/3269"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=3268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=3268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=3268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}