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- BNB headed for significant decline, says analyst
BNB headed for significant decline, says analyst
Binance Coin (BNB), the utility token of the world's largest crypto exchange, may be headed for a significant decline, according to analysis by prominent crypto analyst Smart Contracter. Using Elliott Wave theory, which examines crowd psychology and predicts future price movements in waves, the analyst has predicted a potential drop of at least 40-50% for BNB against Bitcoin (BNB/BTC).
According to Smart Contracter's analysis, the multi-year uptrend of BNB/BTC has reached its end, with the five-wave cycle now complete and a potential reversal towards the 0.618 Fibonacci level on the horizon. The chart of BNB/BTC is reportedly similar to the price action of Terra (LUNA) prior to its collapse in May.
I think the 5 year uptrend in bnb/btc has come to an end, imo it comes down at minimum another 40-50% from here.
Genuinely dont even know where that would put the bnbusd price but ill be avoiding this coin like the plague from here.
GL if you hold it
— Bluntz (@Bluntz_Capital)
10:04 PM • Dec 16, 2022
When considering BNB against the US dollar (BNB/USD), Smart Contracter believes the token could experience a devaluation of over 66% after breaking key diagonal support. The analyst estimates that the BNB/USD pair could be headed towards a range of $80-$100.
Smart Contracter has a large following on Twitter, with over 216,000 followers. The analyst correctly predicted Bitcoin's 2018 bottom, and their analysis carries weight in the crypto community. However, it is always important to conduct your own research and exercise caution when making investment decisions.
At the time of writing, BNB is trading at $247, up nearly 2% in the last 24 hours. It is worth noting that Binance Coin is a utility token used on the Binance exchange, and as such, its value is closely tied to the performance of the exchange.