While Binance Coin's [BNB] price movement has recently slowed, analysts interpret this lull as a common precursor to a forthcoming rally.
Analyst predicted that if BNB can break through the current falling wedge and a significant resistance, it could reach a new peak.price movement has recently slowed, showing a 1.34% decrease in price and a 10.78% decrease in trading volume, analysts interpret this lull as a common precursor to a forthcoming rally.Carl Runefelt anticipates
However, AMBCrypto has noted that the breakout from the wedge pattern and the challenge of the major resistance might experience slight delays.Some retail traders’ efforts to drive a bullish trend in BNB have diminished and countered, as evidenced by notable declines in both Open Interest and market liquidations unfavorable to long positions.
This pattern indicates strong selling pressure and negative market sentiment. If sustained, it could further depress BNB prices.The total value locked on the Binance Smart Chain network, where BNB is native, has decreased from $4.616 billion on August 24th to $4.533 billion at press time.
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