BNB’s Price Predicted To Take a Hit Because of Increasing FUD
The price of Binance Coin (BNB) could soon face a decline, according to a Twitter post shared by the educational platform CryptoBusy yesterday. This hypothesis was based on the fact that it only took about 2 weeks for FTX to collapse when the fear, uncertainty, and doubt (FUD) started to spread against them.
CryptoBusy believes this could soon be the case for BNB as well, given its FUD has been experiencing drops and increases over the past 10 months. Although the CryptoBusy team believed the price of the utility token could go either way, they predicted that its increasing FUD could impact BNB negatively in the near future.
#Binance coin $BNB check 👀
It only took 2 weeks for the #FTX to collapse when the FUD against them spread and several cases were confirmed.
And here we are, #Binance and its FUD has been running on and off for 10 months.
Price action wise:
These news and FUD could negatively… pic.twitter.com/JYzmggXfAY
— CryptoBusy (@CryptoBusy) August 28, 2023
However, this does not seem to be the case just yet, as CoinMarketCap indicated that BNB’s price was able to climb by 0.47% over the past day of trading. This left the altcoin trading at $217.71, which was right between its 24-hour peak of $219.33 and its daily low of $215.85.
Meanwhile, BNB’s trading volume over the past 24 hours reached $315,806,526, which indicated a decline of over 8% compared to the previous day. Alongside its latest daily price increase, BNB has exhibited a positive weekly performance, printing a gain of 4.19%.
From a technical standpoint, BNB was attempting to break above the key $220 resistance level at press time. If it is able to close a daily candle above this threshold within the next 48 hours, then BNB could rise to $235 in the following few days. Continued buy pressure may even elevate BNB to above $235 – opening up a pathway to $270 as well.
However, this bullish thesis will be invalidated if BNB is unable to close a daily candle above $220 within the next 2 days. Should this happen, the altcoin’s price will be at risk of dropping to the $200 support in the following week.
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