The crypto-market was seen painted red as prominent cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Binance coin [BNB], and several others were plummeting. Bitcoin slipped down by almost 9% in the last 24-hours. However, during press time, the king coin was seen getting back into the $50K zone. Ethereum, followed by XRP, Litecoin [LTC], Chainlink [LINK] as well as Bitcoin Cash [BCH] were experiencing a drop of over 10% in the last 24-hours. All the gains acquired by the assets, over the course of these last couple of months seemed to be going to waste.
Binance Coin [BNB], had transpired to become one of the most promising assets. The altcoin climbed up the crypto ladder not only in terms of price but also with regard to market cap. However, the latest crash caused the asset to drop by over 11% in the last 24-hours. At the time of writing, BNB was trading for $221.44 after it surged up to an all-time high of $342.88. The market cap of BNB also took a hit as Tether took over the position as the third-largest coin, while BNB dropped to fourth place.
Binance Coin [BNB] One-Hour Price Chart
The short-term price chart of BNB revealed that the bears were in its market. The Parabolic SAR indicator was seen constructing dotted lines above the candlesticks which posed as a strong line of resistance which further blocked any possible uptrend. The MACD indicator was seen embodying a bearish crossover, which again suggested that BNB could witness a drop in its price. The short-term price chart of BNB was seen exerting a sellers’ sentiment, the Money Flow Index affirmed.
Binance Coin [BNB] One-Day Price Chart
The one-day price chart of BNB announced that the bulls were still in its market. The Bollinger bands indicator with diverging bands pointed out that the asset was heading for an increase in its volatility. The Awesome Oscillator indicator formed green closing bars and suggested that the bulls were in its market. The Relative Strength Index [RSI] revealed that the asset was still exercising a buyer’s notion.