Binance Coin (BNB), the cryptocurrency of the massive Binance exchange is facing a few challenges in the crypto market. Despite some initial attempts to try and drive up the price of the coin above the $320 range, bears took control of it and drew the price into a downward spiral.
Now, BNB is looking for support to get back to the $300 level amidst massive volatility.
Binance Coin (BNB) is one of the leading cryptocurrencies in the space and has attracted traders and investors. However, recent price volatility has caused a few problems for the future of the coin. While some people on social media are being positive about the long-term potential of the coin, others wary, thinking that maybe the price may decline even further.
(The current price of 1 BNB to USD)
$313.41 is the current price of BNB as of now. The coin saw a small price increase from yesterday. Over the past week, however, the coin has seen an almost 5% decline leading people and investors to suggest further declines.
Binance Coin has been fluctuating a lot since its mid-April surge. Nevertheless, the recent breach of the lower trendline might mean that it will soon experience a bearish trend. Which is something the coin has been clearly experiencing over the last 24 hours.
Investors went to Twitter to express their opinion after some support levels were breached. The market still remains volatile making it quite challenging to truly predict the future of the coin’s price.
On the other hand, Binance Coin bulls can still turn the ride by investing in the coin and maybe creating some sort of resistance level. To regain the momentum the coin had been experiencing increasing the trading volume is crucial.
Moreover, the Binance exchange might bring some positive news or a blockchain product launch. This could also contribute to the price boost for BNB.