3 Indicators Predict Binance Coin (BNB) Price Will Drop

Binance Coin (BNB) has been on a run for almost 10 days now making higher highs on a one-day price chart. 

After surpassing the psychological resistance at the $300 price level over the last week, BNB price sits at the $332 mark at press time. In the last 10-days, the fourth-ranked coin by market cap managed to chart over 20% gains. 

So is there no stopping the price of BNB coin?

BNB price action could halt 

Binance coin’s rather bullish price momentum, presenting over 7.63% daily and 21.60% weekly gains at press time, seemed to be pretty solid. Despite price action weakening on a short-term price chart (hourly), 24-hour trade volumes were over $2 billion noting a 44.87% rise in the last day. 

From a technical point of view, BNB’s 24-hour price chart saw signs of overheating. Daily RSI was in the oversold zone and could be due for a correction. 

BNB/USDT Source: Trading View

Furthermore, with price testing the higher $327 resistance level from where it has seen a pullback chances of a short-term price retraction are higher. 

Profit-taking has happened 

On-chain metrics for Binance Coin suggested that at the higher price levels considerable profit taking took place. 

Source: Sanbase
Source: Sanbase

Pseudonymous on-chain analyst Crypto Sunmoon shared on Twitter that while BNB prices were rising, big profits had been realized and whale transaction volume had not risen.

Source: Sanbase
Source: Sanbase

In addition to that, BNB’s Age consumed metric saw a spike of 860K on Oct 31 while its long-term MVRV was in the overheated zone. Thus, a rise in BNB prices could end sooner or later.

However, if the bearish thesis fails, a push to $380 could be next for BNB bulls. 

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