- Analysts observe a bear flag pattern for Binance Coin, signaling possible price correction and impacting altcoins.
- Failure to reclaim $240 support level can trigger a 20-30% Binance Coin price correction.
- The cryptocurrency community faces uncertainty as traders reassess strategies amidst volatile trends and potential correction.
In a recent tweet by financial analyst Ali, a looming storm appears to be on the horizon for the cryptocurrency market, with Binance Coin (BNB) at the center of the brewing tempest. The concern stems from what experts call a ‘bear flag’ formation that could have significant repercussions for BNB and other alternative coins (altcoins).
Ali analyzed the situation of Binance Coin (BNB) and its potential impact on various altcoins via a Twitter thread:
The heart of the matter lies in the price trend of Binance Coin, the widely-traded cryptocurrency that has garnered its fair share of attention. According to Ali, the recent downward spiral in Binance Coin’s price movement has triggered the emergence of a bear flag pattern. This technical analysis pattern is often regarded as an indicator of a potential continuation of a downtrend, and its appearance has sent ripples of apprehension through the cryptocurrency community.
The potential scope of this correction is causing furrowed brows among traders and investors. If Binance Coin fails to reclaim the crucial support level at $240, Ali warned that the digital asset could be staring down the barrel of a substantial 20% to 30% price correction. Such a correction would not only dent the valuations of BNB holders but could also cast a shadow over the broader altcoin market.
Binance Coin (BNB) is trading at $233.90 with a 24-hour trading volume of $500,158,405.53. Over the last 24 hours, BNB has experienced a 2.19% decrease in price. BNB currently holds the 4th position in terms of market capitalization, boasting a market cap of $36,013,840,385. This recent price movement indicates a positive trend in the short term.
