A strong downward trend is underway.The $285 mark may be important in the short term in the coming days
- A strong downward trend is underway.
- The $285 mark may be important in the short term in the coming days.
The U.S. Securities and Exchange Commission (SEC) sued Yuan An and its CEO Changpeng Zhao on Monday for violating the federal securities law. After this message appeared, the Cryptocurrency market showed a downward trend.
Bitcoin fell to $25350, but at the time of writing, the trading price was $26400. However, the BTC market is mainly short selling. Coin An Coin is no exception, and it is even more bearish.
After rapidly falling below the May low, the trend is bearish again
After rebounding from $220 to $338 from December to February, the market showed a bullish trend. When BNB reached a higher low at $265 and pushed up to $346 in March, it became an upward trend.
This bullish structure was broken on May 8th, when bears fell below the support level of $315.3 in April. This indicates that the market is once again favoring sellers. But the bear did not stop there. They can also push the price down to below $299.5.
This highlights the strength of sellers in the market. This reflects the market sentiment and the fear of currency security and its struggle with the U.S. Securities and Exchange Commission. RSI is in the oversold area with a reading of 23, while OBV has suffered a significant blow in the past two months.
Falling below $299.5 indicates that a downward trend is underway. The daily closing price below $265 indicates that BNB may move towards $220. Short sellers can search for entry points in the $285-300 area, but it is uncertain if this will be achieved
As hopes of increasing holdings shattered, the average age of coins began to decline in early May
In late April, the average 90 day coin age began to sharply decline. In May, the Coin An coin formed a relatively low time range between $301 and $315. During this period, the average coin age slightly increased, but did not show a continuous upward trend as in March.
This indicates a lack of BNB accumulation in the wallet and highlights investors' nervousness. The recent actions have also witnessed a sharp decline in the MVRV ratio. Overall, the dominant position of the seller is evident. This may not relax in the coming days. It is necessary to return above $317 to turn the daily structure into bullish.
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