On Tuesday, Binance Coin (BNB)
fell under the $240 threshold before bouncing back and correcting itself at
$249. After the Reuters story stated that the SEC is split on whether to begin
a probe into the exchange, BNB fell precipitously in December. Since the news
of the incident spread, BNB has declined for seven days in a row, dropping from
$278 to $228.
The news was disputed by Binance
CEO CZ, who labeled the claims as "false" and said that the exchange
could endure any bad markets.
BNB Price Prediction 2023
Previously, prominent anonymous
cryptocurrency expert Altcoin Sherpa forecasted that BNB may fall as low as
$220. According to the analyst, BNB may decline even more if it is unable to
hold onto its $220 barrier level.
High-period views on BNB, BNB. I don't really see much of a trade here that could be executed. Although it is at support, the entire market currently appears to be a little unstable. I've still held BNB for a very long time, and I intend to continue holding it. A breakdown of 220 means this, in my opinion, going under $190, he said.
$BNB: High timeframe views on #BNB , I don't really see much of an actionable trade here. It is at support but entire market looks a bit shaky rn.
— Altcoin Sherpa (@AltcoinSherpa) December 19, 2022
I'm still a longtime holder of BNB myself and will hold this thing for a while. Breakdown of 220 means this goes sub $190 IMO pic.twitter.com/4JX1BQA8uH
Could BNB Drop to $190?
Market performance was poor in
December, and during the Christmas holiday season, they either declined or
traded sideways. The so-called "Santa Claus Bitcoin Rally" was fiction. Additionally, recent research from Nansen Research forecasted that
the crypto markets would take another dive by year's end.
The analysis suggested that a
recession in 2023 might make matters worse for the cryptocurrency markets. BNB's
decline to $220 and subsequent decline to $190 should not be unexpected given
the state of the world economy.
BNB was up 0.4% in the day's trading as of the time of publication, trading at $248. From the all-time high of $686 that it attained in May 2021, it has fallen by 63.9%.
