Ali Raza
The BNB price has gained slightly by around 0.5% in the last 24 hours. At the time of writing, BNB was trading at $248 at the time of writing. BNB has been on a bearish trend over the past week, dropping by around 12% during this time.
BNB drops12% in one week
The BNB token has been under bearish pressure in the past week amid a series of developments surrounding the Binance cryptocurrency exchange. However, the token’s volatility is dropping, given that in the last 24 hours, it has traded between $245 and $252.
During this time, BNB has reported trading volumes of $818 million. Binance’s market share has risen from 31% to 78% on the back of the collapse of rival FTX, making Binance the undisputed crypto top dog.
BNB has recorded a significant dip over the past week, but this decline has not attracted any buyers. Despite the fall, BNB seems to have found support at the $250 level, with the token hovering at this price over the past day.
While sellers seem to have lost momentum, the token has still lost support at $250 to trade at the current price of $248. If the sellers resume, we will likely see another downtrend where BNB will plunge to the $240 level.
If BNB can regain the $250 support level again, we will likely see gains being made, after which a notable recovery past $255 will be on the way.
BNB has a Relative Strength Index (RSI) of 46, showing that the sellers are currently in control. The trend remains bearish despite the volatility cooling down. The direction that the BNB price will head next depends upon the performance of the broader cryptocurrency market.
Binance FUD
Over the past week, the BNB token has been under intense pressure due to FUD surrounding the Binance cryptocurrency exchange. Kevin O’Leary attacked Binance and its CEO, Changpeng Zhao, accusing them of being behind the collapse of the FTX exchange.
Moreover, Binance was also dropped as a client by the accounting firm Mazars, which also dropped all other crypto clients. The lack of an audit on the Binance proof-of-reserves intensified fear in the market, resulting in a notable price dip for BNB.
Buy this altcoin for 10x gains
As BNB continues to be affected by the FUD surrounding the Binance cryptocurrency exchange, investors are looking for the next reliable altcoin they can buy for 10x gains. One of the trending altcoins today is Dash 2 Trade, with analysts classifying it as the fastest-growing crypto of 2023.
Dash 2 Trade is an intelligence platform seeking to equip cryptocurrency investors with the best tools, features, charts, on-chain analysts, and strategy-building tools to help them make informed trading decisions. The platform’s beta launch is near, enabling crypto investors to stay ahead of the market and avoid a similar situation as the one seen with FTX.
The Dash 2 Trade presale is in the last stage, with only 18 days left before the presale closes. The presale has already raised more than $10.19 million, and after it ends, the first listing will happen in early 2023.
Related
- Where to Buy Binance Coin – Beginner’s Guide
- BNB Coin is a Good Long Term Buy But This Crypto Could 30x And is Best for Traders
- Here’s Why BNB Coin Could Pump to $500 But Dash 2 Trade Could Easily 10x
- BNB Price Prediction – Climbs 4% to $247, Can This Recovery Hold?
- BNB Price Prediction – Why BNB Is a Great Bear Market Outperformer, down 10% This Month at $290
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This article was written for Business 2 Community by Ali Raza.
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