Recently, BNB's price fell below $594 due to a general drop in the crypto market after Bitcoin's halving. BNB had surged earlier but couldn't pass $618 and eventually dropped by 5%, finding support at $594. Now, with selling pressure persisting, BNB might drop further to around $525.

Memecoins, originally not taken seriously, are gaining attention for their high returns and resilience. Should they be considered more seriously now?

Looking at BNB's indicators, they're all showing a bearish trend on shorter timeframes. The Relative Strength Index (RSI) is at 37, indicating increased selling pressure, possibly leading to oversold conditions. The Chaikin Money Flow (CMF) is negative at -0.26, suggesting capital is leaving BNB, either going to stablecoins or being cashed out.

With the support level broken, there are new opportunities for short selling. Entering at the current price of $585 could yield profits ranging from 7% to 10%, with the target price zone being $525 to $550.

However, Binance's actions could change this bearish outlook. If Binance launches a new token on its launchpad, demand for BNB could rise, as participants need BNB to participate. This has led to rapid price increases for BNB in the past. Therefore, short-term traders should be cautious, as volatility could increase.

In conclusion, BNB's price drop reflects broader market trends, while memecoins are gaining legitimacy. Short-term trading strategies should consider both technical indicators and potential market shifts due to Binance's actions.