The last 24 hours has been mostly bearish for the crypto market as the global cryptocurrency market cap is down by 2.20% during this time. Almost every volatile coin in the top ten is about to end the 24 hours trading session in a loss. BNB is not exempted from this list as it is currently down by 4% as of the time of writing. The Binance token dipped below $400 for the first time in three days.
The $400 mark is considered the average point for BNB but has failed as support. The mark got flipped more than seven times in the last fourteen days. The coin insistent retracement below the price mark under consideration may be a warm-up to a bigger correction to come. Based on recent price performance, a little interaction with the $400 support caused by bearish moves have resulted in the coin dipping further.
One such instance is in May when BNB dipped for the first time below highlighted mark. The correction was quick and left the Binance token struggling to pick up momentum at $255. The second time was in June and we saw almost a repeat of the previous event. Although BNB has been interacting with $400 for a while now. Nonetheless, the coin may also experience the same outcome as before.
Key Levels To Watch
The fourth-largest coin has been trading above $390 on average over the last fourteen days. BNB needs to continue this trend to avoid further price slips. An extension of the price dip will result in the coin dropping as low as $350. The $350 support is not a very strong one but the bulls must hold this level or the coin may decrease more.
it is also important to note that amidst the “blood on the crypto street” Avalanche rose to a new all-time barely 24 hours after its previous. $AVAX new ATH as of this time is $69.8.