• BNB/USD forms a possible bearish flag pattern
• The US dollar strength is not responsible for the BNB/USD bearishness
• $200 provides support for now

Bitcoin rallied in 2023 and holds onto its gains. Most other major cryptocurrencies did so too, but some exceptions exist. 

One is Binance Coin (BNB). 

Sure enough, it rallied at the start of the year, following Bitcoin’s lead. But then it gave up all of its gains – and some more. 

One cannot blame the US dollar’s strength as the cause for the BNB/USD decline. After all, the dollar’s strength is not visible in other cryptocurrencies. 

Instead, it appears to be the Binance Coin that trades with a bearish tone. That is particularly true if one looks at the technical picture, which shows the bearish pressure building as the market nears the $200 support level. 

Binance Coin chart by TradingView

A bearish flag pattern suggests that BNB/USD will break the $200 support level

A bearish flag pattern is a continuation pattern forming in a downtrend. The consolidation area follows a steep decline, and the breakout or the measured move equals the distance that the market traveled prior to the consolidation. 

If, indeed, BNB/USD formed a bearish flag pattern, then the support in the $200 area should give way. The pattern’s measured move, seen in orange above, points to $150 and lower. 

What should worry investors is the inability of the market to bounce while other cryptocurrencies hold near their yearly highs. It points to other factors weighing on the market, different than the US dollar’s strength. 

How far will cryptocurrencies collapse? Is it a bottom line, or should we expect a further drop ahead? These are questions on every investor’s mind right now. However, battered investors still have hope to fall back on. Altcoins like Gnox (GNOX), Cronos (CRO), and Dogecoin (DOGE) appear to be surviving this crashing bear market due to their passive income opportunities. How do these coins work?

Gnox Token (GNOX)

Gnox Token is the first DeFi reflection token offering yield farming as a service, and this is exactly what gives investors hope for the token’s massive surge. With the opportunity of gaining passive income by investing in a liquidity pool and getting awards in return, GNOX’s future seems promising. 

Gnox is a community-driven platform, and every time $GNOX is sold, a 10% royalty fee is applied, which is redistributed for several purposes: 1% goes to holders, 1% goes to a liquidity pool, 6% is transferred to treasury fund, and 2% is used for project maintenance. It means the longer the investors hold tokens in GNOX’s liquidity pool, the higher returns they generate, which also increases with the $GNOX price growth.

Currently, GNOX is available in a presale phase, with a final launch planned in August. GNOX team announces token burn events after each presale phase, which guarantees the price’s further increase. GNOX’s open price has increased by 60% and reached $0.0160. $GNOX entered the second presale with 60 Million tokens available, but ongoing popularity and excessive interest in media predict the supply will reduce and the price will go up again.

The best part of GNOX still is its easy-to-use system. Complexe DeFi system has always been a heavy barrier why many investors were stepping aside from cryptos. Still, GNOX’s professional DeFi experts and blockchain analysts make it much easier since traders simply need to purchase and hold tokens from their side. 

Cronos (CRO)

Cronos is the native token of the popular crypto app and exchange Crypto.com. Its price has surged over the past year, up more than 850%. The most exciting part of Cronos (CRO) is its rewards program, which provides investors with plenty of passive income opportunities. 

Cronos tokens can be staked to reward users with free Netflix and Spotify subscriptions, a range of cashback fees, better interest rates, a higher annual percentage on Crypto.com Exchange, and an extra 2% per deposit, annual fixed deposit, and many other bonuses.

CRO staking also allows users to become liquidity providers. Cronos (CRO) can also be used to settle transaction fees on Crypto.com.

Dogecoin (DOGE)

Dogecoin was launched in 2013 after the popular internet meme “DOGE” and has experienced crazy ups and downs since then. Elon Musk’s favorite token, Dogecoin, has entered a full bull run by January 2021, peaking at $0.73 in May 2021.

Doge is unique with its awarding system. The blockchain rewards miners for their work by creating millions of new Dogecoins every day, creating huge passive income opportunities like Gnox (GNOX) and Crones (CRO). Although DOGE is currently facing big losses due to the overall market crash, analysts believe that the coin will still rise and survive the bear.

Conclusion

Newcomer GNOX is building a strong community and has the potential to become a major player in the DeFi industry, ensuring investors that GNOX will stand out as a survivor of the current collapsing bear market.

To learn more about GNOX:

Join presale: https://presale.gnox.io/register
Website: https://Gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJB
Twitter: https://twitter.com/gnox_io