Where is BNB Price Headed as $8.20M is Erased from the Market?

BNB technical indicators show the altcoin could experience further decline as liquidation events punish the bulls. 

BNB, the native token of the Binance ecosystem, mirrors the turbulence in the broader crypto market sector. It closed at $903.69, down 0.1% in the last hour and showing a 6.5% decline over the past 24 hours.

In the last seven days, BNB has shed 3.1%, with a descent from early November highs, preceded by fleeting green recoveries that failed to sustain above $1,303 on October 6.

On the indicator end, the Moving Average Convergence Divergence indicator on the chart provides a clear indication of the bearish trend. The MACD line, which represents the difference between the 12-period and 26-period Exponential Moving Averages, is currently below the signal line, which is a key bearish signal. 

Additionally, the MACD histogram is negative. If the MACD continues to stay below the signal line and the histogram remains negative, BNB could experience further declines in the near term. 

Additionally, the Stochastic RSI is in oversold territory, with the %K line at 18.46, indicating that a short-term bounce or consolidation could be possible. However, no immediate bullish reversal signal is present.

$8.20M Liquidated from BNB Market

The liquidation data for BNB shows substantial volatility, with $32.59K liquidated in the past hour, predominantly from short positions ($21.57K). Over the last 4 hours, $2.62M faced liquidations, with $2.48M from long positions, indicating a bearish shift. 

On the 12-hour and 24-hour scales, liquidations have reached $3.96M and $8.20M, respectively, with long positions being more impacted, totaling $3.77M and $7.80M. These figures suggest that the market has been pressuring long holders, with significant downward price action causing these positions to liquidate.