BNB Price Prediction: BNB Retreats 10% - A Looming Challenge to Top Coins?

BNB Price Prediction: BNB Retreats 10% – A Looming Challenge to Top Coins?

Updated: 21 August 2023

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Binance Coin (BNB) recently slipped by over 10% every week and by 14% from where it was in July.

However, new speculations suggest that Binance may have pulled moves in the background to manipulate its token and prevent its value from dropping too much.

To understand Binance’s movement, it is worth noting that Bitcoin saw a significant crash on August 17. At the time, BNB’s price was at $240. The coin performed well despite Binance having legal issues in numerous jurisdictions.

By August 19, however, the coin’s price fell to $215 — its yearly low. Binance has seen a bearish trend in July, and the coin’s funding rate has dropped into negative territory.

Along the way, Binance saw other issues, such as the SEC lawsuit, claims that BNB is a security, the lack of regulatory clarity, multiple legal problems due to operating without licenses, etc.

In addition, there has been a significant drop in DeFi activity within Binance’s ecosystem. All of these aspects combined should have resulted in lower demand for BNB.

And where did the $212 magic number come from? #BNB price is determined by the market. A $30m re-buy is less than 4% of a single day's volume. 🤷‍♂️
— CZ 🔶 BNB (@cz_binance) August 19, 2023

Binance’s CEO, Changpeng Zhao, responded to claims that the exchange has manipulated the market, ultimately denying them. According to him, the price of BNB is entirely determined by the market.

BNB price dropped to $212

BNB spent over a month with its price going up and down around the $240 mark. The cost would increase or decrease depending on the market circumstances and the news involving the exchange.

However, it remained at $240 until August 15, when it suddenly started dropping. It found its first significant support at $230, which it reached on August 17. The level preventer it from falling for most of the day, only to break in the second half and sink to the next support at $225.

This support also broke before the day ended, and on August 18, BMB found its new bottom at $215. This level managed to hold it over the entire weekend.

BNB spent the last several days fluctuating between $215 and $220, only to crash to $209.3 on Monday, August 21. Since then, it briefly recovered to $211.53, where it sits at the time of writing.

BNB is 2.5% down in the last 24 hours and 12% down weekly. Even annually, the coin is 29% lower than a year ago.

This is its lowest point since the crash in June 2022, and before that, the last time the coin was this low was in early 2021, during a price surge that took it from $44 to $676.

Will $212 manage to hold?

The question is whether the current levels will prevent the price from sinking further.

Many agree that the news surrounding Binance will play a significant role in the coin’s future performance. Fortunately for Binance, the exchange is establishing a strong presence in Asian countries.

In addition, there are signs that the coin might be undervalued, which might also contribute to its recovery, potentially back to the $220-$230 zone. Meanwhile, any drops beyond the current price might trigger additional losses, potentially taking BNB to $185.

For now, $205-$210 is the critical weekly support, but this support may also break. Any upsides after that will likely be limited to $220 if it does.

Buyers are turning to yPredict.

Fortunately for BNB holders, there is a way for them to use their BNB without selling it for cash, which is to reinvest it into a new token YPRED.

YPRED is a native cryptocurrency of yPredict — an all-in-one AI ecosystem that uses artificial intelligence to provide signals, read charts and recognize patterns, and even provide fundamental and technical analysis.

The token is in the middle of a presale and has already raised $3.53 million, selling for $0.1. It can be purchased via ETH, BNB, MATIC, USDT, or credit/debit card.

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