BNB price risks 15% correction as it nears crucial support trendline with bearish signals mounting
BNB price is eyeing a retest of a key support trendline as it continues to remain in a downtrend. A break below the said pattern could trigger a 15% drop in BNB price ahead.
According to data from crypto.news, BNB price dropped 11% down from its monthly high of $923.8 to a low of $821.7 last Friday, Dec. 19. While the 4th leading cryptocurrency by market cap has since recovered slightly to $849.2 at press time, it still remains 38% below its year-to-date high reached in October.
BNB price has declined as user activity on the BNB Chain continues to slow down. Per data from BscScan, the number of transactions on the blockchain has dropped nearly 47% since its October highs to 16.1 million at press time.
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