Binance Coin (BNB)Although it lost the $240 level on Tuesday, it managed to rise to the level of 248. The main reason for this decline is a report prepared by Reuters and the latest developments. You can read the rest of the report by clicking here.
After the recent events on the Binance front, the governance token BNB dropped from $278 to $228. The drastic fall prompted the community to ask, “Is LUNA going to crash again?” revived the question.
Binance Its CEO denied that what happened was “misconstrued” and stated that the stock market can withstand any event. Despite the lost assurance, investors withdrew their funds from the exchange for fear of a lawsuit by the SEC. The outflow of funds exceeding $5 billion also hurt the native token.
Will Binance Coin Drop To $190 Next?
Altcoin Sherpa previously predicted that the BNB price could drop below $220. The analyst underlined that BNB could decline further if it fails to hold the $220 resistance levels.
“Looking at the higher timeframe charts, I don’t see much of a positive trading range. The price is close to the support level and things are a bit complicated in the market. Although I continue to hold BNB, a break below $220 will trigger the $190 level.”
As a result, markets did not perform well in December. The markets, which remained flat during the Christmas holiday period, did not even show any movement regarding the expected ‘Santa Claus Bitcoin Rally’. Also, a new report by Nansen Research, cryptocurrency He predicted that the market would experience another decline by the end of the year.
The report also claimed that a recession could make things worse for crypto markets in 2023. With the global economy under pressure, it wouldn’t come as a surprise for BNB to drop to $220 and then to $190.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.