The cryptocurrency market’s price action has been choppy since the start of the week.
Bitcoin, the leading crypto by market cap, has been trading between $115k and $110k over the last few days, with altcoins also experiencing similar price actions.
Binance’s BNB token hit an all-time high of $1,370 on Monday but has lost 13% of its value since then.
It is now trading below $1,200 despite positive news from its rival, the Coinbase crypto exchange.
Coinbase adds BNB to its listing roadmap
BNB has lost 2% of its value in the last 24 hours despite Coinbase announcing that it has added the coin to its listing roadmap.
The announcement came as a surprise as the BNB token anchors the BNBChain, tied to Binance, Coinbase’s fiercest rival.
Coinbase announced this after launching “The Blue Carpet,” a revamped asset-listing experience aimed at making the process more transparent for on-chain builders.
Introducing The Blue Carpet on Coinbase, a new asset listing experience to increase accessibility and transparency for onchain builders.
Asset issuers: start here for free 👇coinbase.com/blog/rolling-o…
Adding BNB to its roadmap does not ensure a listing, as the crypto exchange can delay or decline assets if liquidity, technical, compliance, or other requirements are not satisfied.
However, simply adding BNB to its listing roadmap is an incredible feat for Binance’s native token, which has surged by nearly 30% in the last 30 days.
Coinbase added that trading of the token will be announced separately once sufficient market-making support and infrastructure are in place.
However, the news wasn’t enough to push BNB’s price higher, as it is currently down by 2% in the last 24 hours.
BNB could dip to $1k as bullish momentum fades
The BNB/USD 4-hour chart remains bullish and efficient despite the coin losing 13% of its value over the last three days.
The coin could record further losses as it undergoes a correction following its recent rally.
The momentum indicators have been extremely bullish in recent weeks but are showing signs of weakness.
The Relative Strength Index (RSI) on the 4-hour chart reads 46, below the neutral 50, indicating a bearish trend in the market.
The Moving Average Convergence Divergence (MACD) lines also crossed over into the bearish zone on Tuesday, flashing a temporary sell signal.
While BNB is undergoing a correction, it remains tough to see how long it lasts, as it has been the strongest coin in the top 10 in the last few months.
It has outperformed Bitcoin and the broader crypto market, while also overtaking XRP and USDT to become the third-largest crypto by market cap.
If the correction continues, BNB could drop towards the resistance level at $1,087 over the next few hours.
The Friday low of $880 remains protected in the near to medium term.
However, if the bullish trend resumes, BNB could reclaim the high of $1,370 before rallying to a new all-time high over the coming days.
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