BNB Price Forecast: Bearish flag flashes downside risk as revenue, DEXs volume tumble
BNB tests the $1,100 mark after Tuesday's 3% decline, risking a potential downside breakout of a bearish flag pattern.
A steady decrease in DEXs' volume and chain revenue indicates low on-chain demand.
The retail sentiment surrounding BNB tilts bearish, betting on further losses.
BNB, previously known as Binance Coin, is trading near $1,100 at press time on Wednesday, following a 3% drop the previous day. The declining network activity on the BNB chain ecosystem and the nearly 5% drop in futures Open Interest indicate low demand.
From a technical perspective, BNB risks further losses if it breaks below the 200-period Exponential Moving Average (EMA) on the 4-hour chart, confirming a bearish flag breakout.
BNBUSDT
Perp
907.79
+0.70%
