BNB price analysis 4 June 2019; swept away by the bear

It seems like the monthly bearish run has been stopped in its tracks as Bitcoin and every other major coin start to hit the bearish zone on a very personal level.

Bitcoin managed to peek below the $8,000 today and nearly dragged the whole market with it. Only a few coins managed to resist the drop, one of which was DOGE of all cryptos, but BNB could not handle the pressure.

Due to the drop in prices, the traded volume also managed to follow on Binance, which is the only platform where BNB can draw its power.

With two extremely strong bearish factors pushing it further down, it failed to maintain the all-time high of $38.8 and quickly slumped back down to $30.8, a price it hasn’t been on since two weeks ago.

BNB price chart

BNB chart by Trading View

At the moment, the coin has no other choice but to endure the pressure of the bearish market and hope to hold on as long as possible. As long as the $26 support level is maintained, the coin should endure before the bounce back, which is predicted to return Binance Coin back to $35, and form another resistance level at $40.

Right now, there’s a little bit of a correction in the market as Bitcoin has started to peek above $8,000 once again, taking the market with it, but the bears will most likely not allow BNB to go above $33 before the end of the week.

Short term investments at this point are not the best choice, but judging by the sheer percentage of BNB’s growth, it’s expected to rise above $100 by the end of 2019, if the trends keep going like last month.

Advertisements