Why has the price of
#bnb? dropped?
The decline of BNB reflects a defensive market, reacting to macroeconomic uncertainty, amplified by technical resistance and decreasing liquidity. With Bitcoin's dominance at 63.41% (CMC), can BNB regain its momentum if trade tensions ease?
In the last 24 hours, BNB is currently at $657.53, with a decrease of 1.28% in 24 hours. The volume is $1.63 billion, representing a decrease of 19% from the previous day. This indicates a drop in trading activity.
Next, reviewing news articles, there are several mentions of global trade tensions, specifically Trump's new tariffs on Canada and Mexico. This created instability in the markets, also affecting cryptocurrencies. Although Binance received positive news with the SEC's withdrawal of the lawsuit, the price did not react positively. This is interesting, as negative macroeconomic factors outweighed the positive regulatory news.
Regarding technical analysis, the MACD histogram is negative (-1.84), indicating bearish momentum. The RSI is around 50.85, which is neutral but tilted towards bearish. The Fibonacci retracement levels show that BNB is below the 23.6% level at $669.61, which is now resistance. Support is around $646-$648, which coincides with the price drop mentioned in the news.
Additionally, market sentiment, according to the CoinMarketCap Fear and Greed Index, is at 55 (Neutral), down from 61 (Greed) yesterday. The altcoin season index is in Bitcoin Season, meaning capital is not flowing as much into altcoins like BNB. Furthermore, BTC dominance has increased, which often pressures altcoins.
#bnb