Binance Coin Crash Coming? BNB Price Falls as New AI Crypto Takes Spotlight
Today, Binance’s native cryptocurrency, BNB, stands as the poorest performer among the top thirty cryptocurrencies by market capitalization.
Over the past 24 hours, BNB has declined by 6%, currently trading at $607.80.
With a market cap of approximately $94 billion, BNB ranks as the fourth largest cryptocurrency, just behind the dollar-pegged stablecoin Tether.
This positioning makes it the third largest cryptocurrency, though it still trails far behind Bitcoin ($BTC) with its $1.3 trillion market cap and Ethereum ($ETH) at $0.4 trillion.
It’s a challenging day overall for the cryptocurrency market; market-leader Bitcoin has experienced a 3.5% loss, now trading at $66,972. Ethereum, its closest competitor, has also seen a decline, dropping 4.2% to trade at $3,519.
BNB’s price chart for the last three months indicates a very conservative price range.
Throughout April, May, and the first days of June, the token faced stiff resistance at $633, as indicated by the horizontal red line.
Growing support (diagonal green line) helped the coin break above $700 between Tuesday 3rd of and Friday 7th of June, although it is now spiralling.
This depreciation is unlikely to continue much longer, according to the coin’s relative strength index (RSI), which is well below 30, indicating an oversold asset that is likely to bounce back up.
BNB is following the market and tracking Bitcoin’s dip, so further losses for Bitcoin could see support for the coin fading.
As a top-five cryptocurrency, BNB is one of the foundations of today’s $2.6 trillion market cap crypto market.
However, the fact that it’s a part of the establishment limits its potential appreciation and thus its appeal for those who want to trade crypto for profit while supporting
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