logo

Binance Coin BNB Price: Falls by 7.13%

Binance Coin BNB Price Analysis Dec

The Binance Coin BNB price succumbed to the drastic bearish run as it suffered extreme blows, falling over a steep pathway by 7.13 percent.

Binance Coin BNB Price 1-Day Analysis – 16th December (BNB/USD)

Binance Coin BNB Price Analysis Dec 16 Chart 1

Binance Coin BNB Price Chart by Trading View

As apparent on the price chart provided above, the price of this cryptocurrency fell over a considerably steep slope as it progressed towards its close. The cryptocurrency suffered severe blows, which led the price into dropping severely by a large percentage, i.e. 7.13 percent.  The price had been moving over a stable pathway for the majority of the day; the fall resulted in severe volatility.

The price initiated its run from the $14.38 pathway and consolidated gains within a tight-range. The lowest it fell to before its significant decline was $14.08. The highest for the day was $14.40. At around 18:26 GMT, the price suffered severe blows as the bears triumphed significantly, forcing the price to fall to the $13.37 mark. The price was unable to recover and found itself closing at the $13.39 mark. It reached its lowest at $13.25, which differed from the opening price by 8.1 percent.

Technical Indicators

Binance Coin BNB Price Analysis Dec 16 Chart 2

Binance Coin BNB Price Chart by Trading View

As apparent on the full-featured chart above, there was considerable overselling for the Binance Coin on the 16th of December, which resulted in the inevitable decline in price. There were a total of four instances that caused this decline. The most intense of these instances caused the Relative Strength Index (RSI) to drop to a whopping 5.64, which has been one of the lowest the coin has ever seen. This occurred at the same time, the price declined severely (18:26 GMT). Hence, the decline was a direct result of the overselling of shares.

Featured Image Background by Saxon White

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

DeFi predictions 2023: How will crypto and blockchain evolve? 
Dogecoin price analysis: DOGE shows bullish signal with $0.10 mark in sight
Ethereum Classic Price Prediction 2023-2031: Is $ETC Going Up?
Bitcoin breaks above $17K: a new beam of light for the crypto market?
Avalanche partners with Alibaba Cloud to launch new validators

Follow Us

Industry News

DeFi predictions 2023: How will crypto and blockchain evolve? 
Avalanche partners with Alibaba Cloud to launch new validators
S. Korean court rejects arrest warrant for Terra co-founder Shin
FTX ex-president plans new crypto startup
MetaMask founder comments on Apple's demand for a 30% cut of the NFT gas fee

Add Your Heading Text Here