$250 support break set Binance Coin BNB price at 19% LOSS. The daily RSI slope has entered oversold territory. The intraday trading volume at the BNB price is $1.39 billion, showing a gain of 32.4%. This is why Binance
Coin Suddenly Crashed?
In the recent upheaval in the crypto market due to the crypto exchange FTX, Binance has released proof of its security report in collaboration with research firm Mazars Group. However, while investigating evidence of Binance’s bitcoin holdings, Mazars discovered that its bitcoin reserves were compromised on a single day in late November. Also, the article was later removed from the official website of Mazar, and their connection with several crypto companies, including Binance, was suspended. Therefore, this sudden news has caused uncertainty and fear among market traders as they come from the recent crash of FTX. As a result, the crypto market has fallen in recent days and BNB coin has seen a huge exodus. Thus, this altcoin has recorded an 18% loss since last week,
Bitcoin Price Forecast
In the last four years, the price of Binance coin has received full support from the general area of $ 250-$ 260. This movement of multiple supports shows that buyers are strongly defending this level. However, in the middle of the recent BNB price, traders gave a big break of the $250-$260 support. The break should accelerate the bearish underlying and prepare the price for a deep correction . Today, the price of BNB is currently trading at $236, with an intraday value of 1.9. However, the current price rise may be a short-term analysis that should revisit the damaged stability.
On the other hand, the $215 horizontal level is an important support where traders can control the trend.