BNB price revisits $805 amid market dump; what’s the forecast?
- Binance ecosystem’s native coin BNB, is amongthe top losers in the crypto market today.
- The altcoin has seen bears push prices to near $800.
- As altcoins mirror Bitcoin, the BNB price could plummet well below the intraday lows.
BNB is under pressure as a broader market downturn puts the token near the $800 support level.
With market turmoil likely to trigger further losses amid profit taking and heightened risk aversion, the BNB price could risk extending the dip across the past month beyond -24%.
Meanwhile, the total crypto market capitalization is down by 9% to below $2.9 trillion.
The global daily volume is up 43% to over $256 billion as Ethereum, Solana and other tokens plummet.
Another leg down could be bad news for BNB.
BNB price performance today
BNB’s intraday volatility has been stark.
After the token opened at around $866, bulls briefly managed a retest of $904.
However, intensified selling across the market triggered fresh selling to extend losses seen on Thursday.
The nearly 10% dip saw BNB price hover to lows of $805.
Meanwhile, daily trading volume surged 49% to over $4.39 billion, a metric that signalled increased selling pressure.
This breaching of crucial support levels adds to the vulnerability that has built since the token’s plunge below the psychological $1,000 mark.
In the past 24 hours, crypto traders have witnessed a brutal liquidation cascade.
Over $2 billion in leveraged positions have been wiped out, and while Bitcoin and Ethereum lead, a notable portion is across BNB bets.
Data from Coinglass reveals $8.3 million in liquidations for BNB.
BNB price falls after ecosystem hack
On Nov. 20, the BNB Chain ecosystem suffered a setback.
Per blockchain security platforms, the Binance platform saw the decentralized payment finance protocol GANA Payment fall victim to a sophisticated exploit.
The result – a $3.1 million drain from its contracts and liquidity pools.
The BNB token fell amid crypto market reaction to the news.
Further weakness linked to macroeconomic fears combined with a technical breakdown to extinguish the bulls’ glimmer of hope.
The bounce to $903 suggests not all is bleak, but to lift the lid of gloom, buyers have to take control.
Binance coin price outlook
Given Relative Strength Index is at 27 on the daily chart, it signals oversold conditions.
However, the downsloping outlook of the RSI indicates there’s room for bears to dominate further.
The Moving Average Convergence Divergence, or MACD, also paints a bearish picture.
As with the RSI, momentum from the MACD signals bull exhaustion after the bearish
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