Binance Coin Critical Test: Will BNB Hold Or Plunge To $214?
Binance Coin (BNB) experienced a trading week with a net gain of 1.78%, amidst uncertainty in the crypto market. In February, BNB showed a dual price trend with less than 1% change. Analyst Ali Martinez noted that BNB's price rallied over 34% to a peak of $723 but subsequently fell to $650, indicating a potential deviation. If this deviation continues, BNB could drop to $380, with initial support around $505. In extreme cases, it may decline to $214, representing a 73% drop from current prices. To reverse this bearish outlook, BNB must reclaim the $720 level. Currently, BNB trades at $668, with a market cap of $95.22 billion, ranking fifth among cryptocurrencies. The price remains below the 100-day Simple Moving Average, suggesting a short-term downtrend, although the Relative Strength Index indicates potential for immediate growth.
