Binance Coin (BNB), one of the prominent altcoins in the cryptocurrency market, is currently facing challenges in its price trajectory according to a recent tweet by analyst Ali.
The recent downswing has raised concerns among some in the crypto community, as it hints at the possibility of confirming a bear flag for Binance Coin and several other altcoins.
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Show more +The key price point that many are closely watching is the $240 mark. If BNB fails to reclaim this as a support level, the consequences could be significant. Ali suggest that the coin might experience a price correction ranging between 20% to 30%.This potential price correction has led to varied sentiments within the community. While some are adopting a cautious approach, others remain optimistic, hoping that the coin will bounce back and stabilize above the crucial $240 support level.
Binance Coin (BNB) is currently trading at $234.91 and has seen a price decline of -1.8% in the last 24 hours and a -3.97% price decline in the past 7 days. The current market capitalization of BNB is $36,146,124,361, making it the 4th largest cryptocurrency by market cap. The coin has a circulating supply of 150 Million BNB.
The price performance of BNB has been underwhelming in the past week, with a price decline of -4.00% in the last 7 days.
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