Binance Coin (BNB) faced a strong FUD in mid-December that sent the price down from around $270 to a new low of $220. However, the bulls found solid support at $231.2 and were able to mount a successful recovery.
However, the price recovery was short-lived, as Bitcoin’s (BTC) sideways structure forced the altcoin market, including BNB, into a trading range.
BNB had been trading between $240 to $251.6 since 18 December. It only broke above this range on 4 January 2023, after BTC recorded an uptrend on the same day.
At press time, BTC’s upward momentum had waned, and BNB was trading at $257.1. The price was flashing red, indicating that a correction may be imminent.
(by Suzuki Shillsalot)
All Comments