BNB Price May Soon Detach from the Rest of the Market as FUD Spikes With the Latest Developments

The post BNB Price May Soon Detach from the Rest of the Market as FUD Spikes With the Latest Developments appeared first on Coinpedia Fintech News

After a minor upswing, the crypto markets are again consolidating following a decent breakdown from the monthly highs. Despite the fallout, the tokens, specifically Bitcoin, continue to flash bullish signals with a huge possibility of a rebound. Besides, tokens like Binance Coin which trade with less noise, may soon tremble and drop below the interim support levels. While Bitcoin Weekly is up, facing resistance, Binance Coin is down, facing support. 

Binance Coin has been displaying enough strength ever since the market trembled due to the fallout of the Terra ecosystem. The price then marked lows below $200, while now holding the support above $230. However, this does not validate the bullish momentum of the crypto, rather flashes the possibility of a bearish breakout in the coming days. 

In a recent update, the top executives of Binance Exchange walked out of the company, and this has created a huge FUD. The exchange has ended its operations in multiple locations globally, and with the rise in regulatory pressure from the SEC, the top officials have moved out. This has led to a huge spike in social dominance as the traders discussed the impact on BNB just before the BTC price dropped below $30,000. 

Source: Santiment

The rise in the social dominance of BNB, however, does not mention the market sentiments of the investors, but the time frame which collides with the BTC price drop raises huge suspicion. However, this may surely impact the BNB price, which is trading sideways. The technicals are bearish which suggests the price may undergo a fresh descending trend soon. 

Source: Tradingview

Binance coin is trading above 200-MA which is the last support. This week it moved below 300-EMA on multiple long-term bearish signals. The weekly MACD is also largely bearish which is jumping off the cliff. Besides, the RSI has dropped from the rising channel, sitting below 40 while Bitcoin’s RSI is above 60. Hence, these charts are giving warning that the Binance coin may soon detach from the rest of the markets, which may mean only worse than expected.