2023 has come to the crypto money world with the rise. One of the notable ones among these rises was also experienced in BNB, one of the popular altcoins.
BNB is up 5.7 percent in the last 24 hours, according to CoinGecko data.
BNB Price Analysis
BNB was first issued on the Ethereum network as an ERC-20 token. BNB gained its own chain structure with the launch of BNB Beacon Chain and later Ethereum virtual machine supported BNB Smart Chain in April 2019. The BNB coin also stands out as the local service coin of the Binance platform.
BNB’s daily chartLooking at the daily chart of BNB, we can see that it has declined sharply from the $400 region to $262. The next target on BNB could be the $314 zone. Apart from that, in a bearish scenario, the price can push us down to $281.
Binance Coin price analysis is bearish with solid possibilities of a general reversal in the coming days. Bears have taken over the market. If the bulls fail to respond soon, the bears will engulf the market in the long run. However, as the bears show great potential, if the price breaks the support, they may have a chance to completely exhaust the market. Then, the market dynamics will change in favor of the bulls.
