Binance Coin (CRYPTO:BNB) has experienced a significant downturn, currently trading 24% below its recent peak of $720.67 reached on June 6.
As of the latest update, BNB is priced at $576.22 and has consistently remained below its critical 20-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA).
The ongoing downtrend is further confirmed by the negative momentum shown in the Awesome Oscillator (AO) since June 10, reflecting weaker short-term buying interest compared to long-term trends.
Despite these bearish signals, optimism persists among BNB futures traders, as evidenced by a continued preference for long positions across various cryptocurrency exchanges.
If the current trend continues, BNB could potentially face further downside pressure, with a possible target price decline to $551 if selling pressure intensifies.