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3 reasons why BNB price risks another 30% decline by January

Published 12/20/2022, 09:05 AM
Updated 12/20/2022, 10:40 AM
BNB/USD
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BTC/USD
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BNB (BNB), the native token of the Binance crypto exchange, is under threat of undergoing a significant price correction in the coming weeks, based on a mix of technical and fundamental indicators.

From a technical perspective, BNB has entered the breakdown stage of its multi-month ascending triangle pattern, a trend continuation indicator. The breakdown could last until the price reaches the level that comes to be at the length equal to the triangle's maximum height.

BNBUSD three-day price chart featuring ascending triangle breakdown. Source: TradingView
BNB/USD 4H price chart featuring rising wedge breakdown setup. Source: TradingView
BNB/USD daily price chart versus aggregate open interest. Source: TradingView
BNB/USD daily price chart. Source: TradingView
Bitcoin balance on Binance. Source: Glassnode

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