Binance Coin (BNB) Monthly Chart ($300 – $333 Next!)

This chart leaves no room for doubt. Binance Coin (BNBUSDT) closed red three months straight and is now trading red for the fourth consecutive month.

Binance Coin (BNB) price has shown no signs of recovery on the monthly chart. In fact, BNB closed red for three months straight and is now trading red for the fourth consecutive month.

This bearish price action comes as no surprise, especially considering that BNB failed to hold onto the crucial $523 level.

As highlighted by Alan in a recent X post, this $523 level is paramount for Binance Coin and the market structure. While the cryptocurrency trades below this level, we can expect the bearish pressure to remain dominant.

In the previous month, BNB’s price action wiped out all the important levels and reached its bottom at around $400.

If the bearish trend continues, we can expect Binance Coin to drop even further, towards the $300 to $333 price range.

However, while the short term looks bearish, there is a high chance that this is part of the cyclical nature of the market.

Corrections such as these are, though, viewed as beneficial in order to remove any redundancies in the market and open up the way for further expansion.

Binance Coin’s Long-Term Rebound Potential

Although the short term is bearish, there is a chance of a long-term rebound. As for the current decline, despite the fact that it looks quite scary, it is characterized as a usual stage of the cryptocurrency market’s cycle.

This is quite expected especially given that the market has had a history of cycles of growth and decline. The current selling is anticipated to result in a better market environment once the bear market subsides.

Investors and traders are therefore encouraged to exercise a lot of caution during this period of high volatility. The last part of this bearish trend is still likely to play out soon, which will pose more problems to those who have not yet prepared themselves.

Traders have been advised to prepare psychologically and financially for further price declines before the market stabilizes.

Binance Coin is at the moment in a tough zone, and more declines can be expected in the coming days. However, such declines are considered as part of the regular fluctuations within the crypto market.

Thus, as Binance Coin gets closer to the $300 to $333 support level, traders will be eager to see how the asset will perform in the next several months.

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