According to CoinmarketCap, BNB continues to rank third in the market. Any adverse change in BNB will greatly affect the entire market value
According to CoinmarketCap, BNB continues to rank third in the market. Any adverse change in BNB will greatly affect the entire market value. The latest technical signals indicate that the BNB price line in October may not be very prosperous.
The following is the October technical analysis update and BNB price forecast from BeInCrypto.
It is expected that BNB prices will complete a downward wedge shape in October
BNB is the top competitive currency with the smallest volatility in September, only about 6%. Despite multiple attempts to push up the $220 region, the BNB in October this year still failed to close above this resistance level. So:
Analyze and predict the October BNB price using a declining wedge price model.
- The resistance level for October remains in the $220 region. Compared to other top competitors, BNB reached a new and deeper bottom in 2023. $220 should be a strong support for BNB in 2023. But the reason may be that Coin An encountered a large amount of FUD in the previous quarter.
- Starting from here, it is expected to descend into a wedge-shaped shape. As the end of October approaches, BNB is getting closer to the end of this upward trend prediction model. Especially, BNB's important support level is in the $185 region.
Based on the above arguments, it is expected that the BNB price will not exceed $220 in October, with a decrease of $185 before rebounding.
The decrease of $180 in BNB is the "black swan" in the market
The unique price structure of BNB indicates that there is no resistance/support data for price ranges below $180. This is a strong FOMO region in 2021. This structure has sparked many doubts about the motivation to keep BNB prices above $180. Two months ago, there were rumors that Coin An was trying to prevent BNB prices from being sold out.
Recently, as prices approach this extremely important support level, some concerns about the decline in BNB prices have emerged.
Suspected that 76% of BNB supply is controlled by Coin An
This question stems from a study recently published by author Javier Pass in Forbes magazine. Javier claims that Coin An's 2017 ICO actually failed, and Coin An now controls approximately 76% of BNB supply.
Coin An has not yet responded to this accusation. But if this is true, then Coin An has the ability to intervene and maintain BNB prices above an important support level of $180. Especially when the majority of BNB liquidity is concentrated in currency security.
Pay attention to price structures such as FTX
A decrease of $180 in BNB is a 'black swan' for the market. The reason is that this may trigger panic selling and amplify recent FUD.
@TrueGemHunter pointed out that the price structure of BNB is similar to the FTT before the collapse of the exchange. BeInCrypto analysis predicts that if this situation occurs, BNB prices may decrease by $100 in the region.
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