BNB has lost 10% in the past 7 days as fear has spread across the crypto market, following President Donald Trump’s decision to increase tariffs on Chinese imported goods. As the price hits a key support at $1,070, a move below this mark could favor a bearish BNB price prediction.
Trading volumes in the past 24 hours have subsided a bit, currently standing at $3.8 billion, accounting for 2.5% of the token’s circulating supply. This indicates that the strength of the selling pressure has been easing.
Nonetheless, the Fear and Greed Index shows that investors panicked as a result of the latest developments, as this sentiment gauge plummeted from 62 to 33 in just 15 days.
Despite this latest retreat, BNB remains the top-performing asset of the top 5 with year-to-date (YTD) gains of 53.6%, followed at a large distance by Ethereum (ETH), which has delivered an annual return of 16.6%.
BNB Price Prediction: Negative Netflows Favor a Bullish Outlook for Cryptos
Data from CryptoQuant shows that Binance’s exchange netflows for Bitcoin (BTC) have plunged to negative territory once again, as investors seem to be accumulating the top crypto rather than selling it.
Negative netflows indicate that investors are withdrawing tokens from the exchange and transferring them to hot or cold wallets, meaning that they are planning to hold them for a long period.
The daily chart shows that BNB just hit a critical area of support at $1,070, from which it could bounce off strongly if market sentiment improves.
However, the price just dropped below the 200-day exponential moving average (EMA), while the Relative Strength Index (RSI) also dropped below its 14-day moving average. These are both bearish signals that could anticipate an upcoming bearish breakout below $1,000 for BNB.
If that happens, the nearest support area would be found at around $935, which implies a 13.4% downside potential based on where BNB is trading at now.
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The post BNB Price Prediction: BNB Price Crashes 10% in a Week – Is a Drop Below $1000 Next? appeared first on Cryptonews.
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