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Binance Coin falls to $44 – claims crypto analyst Profit Blue

 


A popular crypto analyst warns that the price of Binance Coin BNB could soon take a massive hit, dropping to $44.


Since the collapse of the FTX token FTT, investors have feared the crash of other exchange tokens such as BNB or CRO. There are also concerns that FTT will be classified as a security, setting a dangerous precedent for other exchange tokens.


In addition, according to some crypto experts, Binance could use its own coins, which rank among the top ten cryptocurrencies by market cap, for reinvestments (the stablecoin BUSD and BNB). If this assumption were correct, a liquidation cascade like that of FTX could not be ruled out.

During all this chaos, the popular analyst with the Twitter name "PROFIT BLUE" shared with his followers why the price could crash to $44.


Will Binance Coin (BNB) Drop to $44?

According to the analyst, a bearish double top pattern was developing on the monthly chart. The price then closed below the neckline shown below at $325.722 after the price retested it as support.


Therefore, according to the analyst, the price could fall to the price target of $44 that he has stated.

Also, the monthly chart shows the price bouncing off the $216 support level multiple times. However, directly below this level, there are no longer any significant support levels - only near the analyst's price target.

Profit BLUE goes on to claim that Binance Coin price is forming the same reversal pattern as Bitcoin, which saw the price fall from $69,000 to $15,000. Bitcoin price also formed a double top pattern on the monthly chart, with the neckline located at $35,000. After BTC price broke through this, the price fell by more than 50% (currently $16,600) .


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