Binance Coin May Grow over $584 over below $500

Binance Coin (BNB) is reportedly among the most-watched and monitored cryptocurrencies in the entire crypto-verse. It is mainly due to BNB being the third-largest cryptocurrency by valuation and demand in the global crypto market.

However, like the rest of the cryptocurrencies, Binance Coin has been faced with a dire situation. The recent data from TradingView shows that the price of Binance Coin has been experiencing a downtrend since the beginning of December 2021.

The data shows that Binance Coin had started the month of December with a price worth $621.81 per BNB. Things seemed to be going well for BNB until it entered the 3rd of December. This is when the overall crypto-plunge came into action, causing the price of BNB to take a huge plunge.

On the 3rd of December, Binance Coin started its day at a price of $620.30 per BNB. However, by the end of the day, BNB’s price hit a low of $594.64 per BNB. On December 4, BNB started its day at a price figure of $596.15 and ended the day at $569.08.

It is quite shocking that since the start of December 3, 2021, BNB’s price has continued dropping. At the time of writing, the price of BNB is $508.91. This shows that from the beginning of December until now, BNB’s price has experienced an over 18% plunge.

From the beginning of December until now, the lowest price BNB hit was on December 4, 2021, which was down to $495.13 per BNB. This means that BNB’s price went all the way down by 20.37% on December 4, 2021.

The performance of BNB through the TradingView chart clearly shows that it is the bears that are currently in power. It is because of the bears that the price of BNB has dropped 13.52% in the past 7-days and 1.51% in the past 24-hours.

The price plunge for BNB shows that it is because of the bears that it is currently observing such a trend. On the other hand, the trading volume for BNB has plummeted by 23.20% in the past 24-hours, bringing it down to $1,713,480,649.

Amidst the price plunge, it is the trading volume that gives some indication that BNB may still have hope of making a recovery. BNB’s performance graph from TradingView shows that as of now, the bears are trying to bring the price of BNB below the 100-day SMA, which is $502.76. If the bears manage to bring it below the 100-day SMA price, they may be able to bring it below the $500 mark.

On the other hand, the bulls make increase their efforts and start buying BNB at lower levels to push its price over the 90-day SMA of $511.75. If they manage to do it and increase the purchasing power, they may be able to push BNB across the $550 and then the 20-day SMA ($584) figure.