The crypto-verse was undergoing bloodshed. Binance coin [BNB], Ethereum [ETH], Bitcoin [BTC] as well as several other coins were leading this downfall. This was further followed by a drop in the market cap of the crypto-verse. The overall market cap was done with its stay over $2 trillion as it succumbed to $1.84 trillion, during press time.
Despite the fact that Bitcoin [BTC] dropped down below $40K for the first time in several weeks, the community went on to propagate “buy the dip.” At the time of writing, BTC was trading for $39K with a 13% drop in the last 24-hours.
Binance coin [BNB] was enduring major losses over the last 24-hours as it slumped by 20%. The altcoin fell from a high of almost $700 to a low of $421, during the time of writing. BNB, however, managed to retain its place as the 3rd largest cryptocurrency. The market cap of CZ’s coin was noted at $65.
Binance Coin [BNB] one-hour price chart
Looks like BNB would prolong its stay with the bears. The one-hour price chart of the altcoin exerted major bearish signs. The Parabolic SAR indicator formed a line of resistance over the candlesticks and controlled any possible uptrend. The Chaikin Money Flow [CMF] indicator suggested that BNB was deep into the woods with the bear.
The Money Flow Index [MFI] indicator was down by the sellers’ zone and suggested that BNB was close to being oversold.
Binance Coin [BNB] one-day price chart
The one-day price chart of BNB was echoing the ongoing sentiment. The Awesome Oscillator indicator announced the presence of bears with the creation of red closing bars. The MACD line succumbed below the signal line forming a bearish crossover. The Relative Strength Index indicator was seen heading towards the sellers’ zone.
This nosedive in the price of almost all the assets would be prolonged as all the indicators affirmed strong bearish predilection.