On Tuesday, September 24, the price of Binance Coin followed the flagship of the market and fell to a 6-month low at $ 13.80. Over the course of the year, the asset far exceeded the dynamics of bitcoin, but the correlation returned, said tech analyst Horus Hags.
In his opinion, the threat of a fall to $ 13.60, and then to $ 9.40, looks quite realistic if the market situation does not improve in the near future and if Bitcoin starts a protracted lateral movement.
After a strong fall, BNB fell into a zone of strong oversold and rebounded to $ 16.38. The daily chart clearly shows that the asset was moving within the descending channel, after which it broke through its lower boundary.
BNB / USDT, Cointelegraph and TradingView data
On the weekly chart, says Hugs, the RSI indicator has come close to the oversold zone, but there is still room for a drop.
BNB / USDT, Cointelegraph and TradingView data
The VPVR indicator indicates that a drop below $ 14 extinguishes customer demand to the range of $ 9-11, the tech analyst summed up.
The fact that BNB quotes ceased to correlate with bitcoin was noticed back in March of this year. Amid monthly IEOs, the asset soared in June to $ 43, but then began a gradual decline. This could have been facilitated by the close of trading for US residents.
At the time of writing, the price is $ 15.30.
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