The Last 48 Hours Have Seen BNB’s Price Drop Significantly
- BNB has experienced a high amount of volatility over the last 48 hours.
- The altcoin’s price was able to break above $335 and $340 to set a high of $352.
- Since setting the $352 high, BNB’s price has dropped to trade at $326.3.
The last few days have been eventful for Binance Coin (BNB). During this time period, BNB’s price benefited from the recent cash injection the crypto market received which also saw the prices of Bitcoin (BTC) and Ethereum (ETH) rise. Bulls were also able to give BNB’s price the support needed to break through the $320, $335 and $340 levels.
However, bears stepped in at around $350 to challenge BNB bulls over the last 48 hours. Bears were able to make their presence felt and stopped BNB’s bullish momentum in its tracks, resulting in BNB’s price establishing a high at around $352.
4-hour chart for BNB/USDT (Source: TradingView)
The 4-hour chart shows that BNB’s price entered into a steep decline shortly after establishing its latest high, which continued over the past 48 hours. BNB’s price dropped back below the $340 level in this retracement on Monday afternoon, where it consolidated until the early hours of Tuesday morning.
The altcoin’s price then attempted a recovery move and was able to reclaim a position back above the 9 EMA line on the 4-hour chart. This attempt’s climax, however, was the resistance level at around $345.
Thereafter, BNB’s price seeked support from the 9 EMA line, but the support level was unable to withstand the overwhelming sell pressure. This resulted in a price drop of more than 6% over the last 24 hours – taking BNB’s price from an opening price of $343 yesterday morning to a closing price of $322 yesterday evening.
BNB’s price has since entered into a positive sequence over the last 8 hours which has elevated the crypto’s price to $326.3 at press time according to CoinMarketCap. Despite the sharp decline, the weekly performance for the altcoin remains in the green at +2.27%.
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