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BNB Falls 15.6% in 72 Hours – Why a Retest of THIS Price Level Is Likely
In the span of just 72 hours, Binance Coin (BNB) has plummeted by an astonishing 15.6%. This drastic decline has left many wondering what could be driving this downward trajectory and whether we can expect to see a retest of a specific price level in the near future.
According to recent market analysis, it is increasingly likely that BNB will retest a particular price range before attempting to bounce back. The data suggests that a breach below $550 seems imminent, with potential liquidity pockets building up around the $525-$540 area. This information comes from Coinglass, which has been tracking these fluctuations closely.
In addition to this, recent technical analysis indicates that the Open Interest-Weighted Funding Rate across exchanges has dipped into negative territory once again. Historically, such occurrences have led to a 3-5% decline in price before a subsequent bounce occurs. This could lead to some interesting trading opportunities for those willing to take calculated risks.
What this means for investors is that it may be wise to wait for at least another day or two before making any decisions regarding the cryptocurrency. The current market conditions present tricky and volatile circumstances, which could make it difficult for even the most seasoned traders to capitalize on potential gains. However, for those willing to ride out these fluctuations, there could be some compelling opportunities in the near future.
In the short-term, it is likely that BNB will continue its downward trajectory before attempting to find support at a certain price level. This level is expected to be around $525-$540, where we may see liquidity pockets forming and potentially leading to a bullish reversal.
Source: eng.ambcrypto.com
