Binance Coin (BNB) Struggles to Maintain Upward Momentum, Falls from All-Time High By The News Crypto

The News Crypto –

• (BNB) has fallen 24% from its all-time high, struggling to maintain upward momentum and trading below key moving averages.
• The Awesome Oscillator confirms the bearish momentum, suggesting that selling pressure is overpowering buying pressure.
• Despite the price decline, futures market traders remain resilient, with a positive funding rate indicating demand for long positions, and a potential shift in sentiment could drive BNB’s price up to $591.

Binance Coin (BNB) has been grappling with a persistent downtrend since it fell from its all-time high of $720.67 on June 6, with the altcoin’s value plummeting by a substantial 24%.

Currently trading at $576.22, BNB has been facing significant headwinds as demand for the coin continues to wane, resulting in the asset trading below its key moving averages.

BNB Fails to Surpass Critical Resistance Levels

At its current price, BNB is trading below its crucial breakout level of $625 and has failed to rise above its 20-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA), indicating a lack of bullish momentum.

The 20-day EMA is a technical indicator that calculates the average price of an asset over the past 20 trading days, providing insight into the asset’s short-term trend direction. Conversely, the 50-day SMA tracks the average price of an asset over the past 50 days, offering a glimpse into the medium to long-term trend direction.

When an asset’s price consistently trades below these key moving averages, it is generally considered a bearish signal, suggesting a decline in buying momentum. In the case of BNB, the altcoin fell below these levels on June 11 and has since struggled to reclaim its position above them.

The persistent trading below both the 20-day EMA and 50-day SMA confirms the presence of a downtrend, indicating that the price of BNB is likely to continue its descent in the near to medium term.

Awesome Oscillator Confirms Bearish Momentum

Readings from BNB’s Awesome Oscillator (AO) further support the possibility of a continued downtrend, as the indicator has consistently returned red histogram bars since June 10.

The Awesome Oscillator is a technical indicator that measures an asset’s price momentum and aids in identifying potential trend reversals or continuation patterns. When the indicator displays red bars, it signifies that the AO value is negative.

A negative AO value suggests that the market is experiencing a decline, with the short-term trend being weaker than the long-term trend. This indicates that the asset’s price is in a downtrend and that selling pressure is overpowering buying pressure.

This content was originally published on The News Crypto