BNB has formed this giant descending triangle which is a very bearish setup. BNB went up 700x from its lows to $700. That type of move requires a much larger correction consolidation. BNB will fall like DOGE did after its massive run up before its next move up. BNB may not participate in this bull market and have to wait till next bullmarket if it survives.
When something goes from 90 cents to $700 in such a short period of time that sort of move is not sustainable. BNB is extremely overvalued. Its not a representation of the value of Binance but rather just a token that its only use is to trade on Binance and the coins on Binance Smart chain, which arent that special. BNB is way overvalued in my opinion. A massive correction is on the way. Some type of news will come out to make this happen probably after a fake out breakout of this triangle in a couple weeks to a month. Also theres still 50 million coins left not in circulation. Thats 25% of the total supply.
The RSI has hit the bullsh control zone and failed to break it. Last time this happened and BNB got rejected at the Bullish control zone was back in November 2021 when it dropped so fast and hard your head spun. The STOCH RSI is also pointed straight down on the weekly.
Not financial advice just my opinion.
This was the DOGE chart I made back in December of 2021 when everyone called me crazy. The move played out exactly as I predicted. You should go read some of those comments, they are humorous to say the least.
When something goes from 90 cents to $700 in such a short period of time that sort of move is not sustainable. BNB is extremely overvalued. Its not a representation of the value of Binance but rather just a token that its only use is to trade on Binance and the coins on Binance Smart chain, which arent that special. BNB is way overvalued in my opinion. A massive correction is on the way. Some type of news will come out to make this happen probably after a fake out breakout of this triangle in a couple weeks to a month. Also theres still 50 million coins left not in circulation. Thats 25% of the total supply.
The RSI has hit the bullsh control zone and failed to break it. Last time this happened and BNB got rejected at the Bullish control zone was back in November 2021 when it dropped so fast and hard your head spun. The STOCH RSI is also pointed straight down on the weekly.
Not financial advice just my opinion.
This was the DOGE chart I made back in December of 2021 when everyone called me crazy. The move played out exactly as I predicted. You should go read some of those comments, they are humorous to say the least.