Will BNB hold above 200 EMA or fall to $465?
Binance's home token BNB is at a critical juncture after experiencing a price drop of more than 10% over the past four days. Despite the significant drop in price, BNB is still bullish as it continues to hold above the 200 Exponential Moving Average (EMA) on the daily time frame.
BNB price prediction
However, BNB's current level acts as a make or break point due to the 200 EMA and strong horizontal support.
Based on price action and technical analysis, if BNB places itself above the 200 EMA, there is a high probability that it will rise by 12% to the $600 level. Meanwhile, if it fails to do so and closes the daily candle below the 200 EMA or the $517 level, there is a high chance of a drop to the $465 level in the coming days.
Falling below the 200 EMA is not easy. Major currencies including Solana (SOL) and XRP (XRP) have held their prices above this level despite the market crash as the 200 EMA acts as a strong support level.
Open demand and market sentiment
At press time, BNB is trading near $534 and has lost more than 2.7% in the last 24 hours. Meanwhile, the transaction volume increased by 14 percent.
However, BNB open interest has fallen by 4% in the past 24 hours, according to on-chain analytics firm CoinGlass. This decline reflects fear in underlying market sentiment and lack of interest among traders.
Expert Bullish Outlook
Recently, a crypto expert posted on X (formerly Twitter) that BNB will explode soon after the release of Binance founder and former CEO Changpeng Zhao. Posts like these by industry experts create an optimistic outlook for BNB. However, current market sentiment is falling contrary to this belief.
