Crypto Analyst Claims Binance Coin Could Drop to $44

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The well-known analyst warns that Binance coin (BNB) may drop aggressively. Is it on the way to $44?

Since the collapse of FTX Token (FTT), investors fear that other exchange tokens, like BNB, CRO, etc., will meet the same fate. In addition, there are also fears that FTT’s security statement could set a dangerous precedent for BNB.

Crypto experts pointed out that Binance may use its own coins (Binance USD stablecoin and BNB token), which are in the top 10 market caps, for reinvestment. If the assumption is correct, the risk of a cascading liquidation cannot be ruled out, like FTX.

Amidst the chaos, the well-known analyst with the Twitter handle PROFIT BLUE shared that BNB could drop aggressively to $44.

Binance Coin (BNB) will fall to $44

The analyst shared that the BNB chart forms a double top, a bearish pattern on a monthly timeframe. The price closed below the neckline at $325.722, retested it and failed to close above it.

The analyst shares the target of around $44 across the chart.

Source: Twitter

The chart also shows that several times $216 gave the price of BNB a decent bounce. No major support exists if the price of BNB does not hold the $216 zone.

Source: TradingView, BNB/USDT, BinanceThe reversal pattern that sent Bitcoin from $69,000 to $15,000

PROFIT BLUE claims that BNB is forming the same reversal pattern that sent Bitcoin from $69,000 to $15,000. Bitcoin formed a similar monthly-frame double-top pattern with a neckline at $35,000. Following the breakout of the neckline, Bitcoin price fell over 50%, currently trading around $16,600.

Will BNB fall aggressively, like Bitcoin?

Source: TradingView, BNB/USDT, Binance

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Disclaimer

BeInCrypto has reached out to a company or individual involved in the story for an official statement on recent developments, but has yet to receive a response.

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