- Change in Investor Sentiment
- Negative Sentiment Surrounding BNB
- Price Prediction: Possible Drop to $464
Binance Coin (BNB) has once again dropped below the $500 mark, increasing investor concerns in an environment of high fear within the cryptocurrency market. At the time of writing, BNB is trading at $494.
Change in Investor Sentiment
According to Coinglass data, the long/short ratio for BNB was above 1 on the morning of September 7 but later fell to 0.85. This indicates that 53% of investors expect the price to fall further, while 46% predict an increase.
Negative Sentiment Surrounding BNB
Santiment data shows that weighted sentiment around BNB was at 1.57 on September 4 but has since dropped to -0.46. This reflects the predominance of negative comments and doubts about the price's ability to recover.
Price Prediction: Possible Drop to $464
On the BNB/USD daily chart, bulls attempted to hold the support level at $503, but bears pushed this attempt back, causing the price to drop to $494. The EMA indicates that the short-term EMA (blue) has fallen below the long-term EMA (yellow), suggesting a possible further decline in price. If bulls fail to defend the current level, the price could drop to $464. However, if the level at $487 is successfully defended, a rise to $503 is possible.
Binance Coin faces new challenges with the price dropping below $500. Current negative investor sentiment and technical indicators point to a potential further decline in prices; however, a rise is possible if the support level is successfully defended.
