BNB Price Drops Below $750 Support Level Amid Market Sell-Off
In the past 24 hours, BNB has experienced a slight decline of over 1%, briefly dropping below the $750 support level before stabilizing. This drop followed a brief rally that pushed the cryptocurrency above the $760 mark.
The recent price movement can be attributed to a wider market sell-off triggered by Bitcoin’s decline to $112,800, resulting in $360 million in liquidations, according to CoinGlass data. Despite the setback, BNB’s previous rally was fueled by corporate adoption and recent product launches by Binance.
Just a day before the drop, BNB managed to break through key resistance levels at $759 and $761, driven by a surge in buying activity. The increase in trading volume, which was 50% above daily averages, was partly attributed to Binance’s launch of a web version of its wallet and the introduction of bitcoin options writing for all users.
The positive sentiment surrounding BNB was also supported by several companies announcing significant investments in the cryptocurrency. CEA Industries revealed a $1.2 billion fundraising plan focused on BNB, while Liminatus Pharma and Windtree Therapeutics disclosed commitments of $500 million and $700 million in BNB, respectively. Additionally, Nano Labs reported acquiring 128,000 BNB for its corporate treasury.
However, the gains were short-lived as BNB experienced a sharp decline from its local high of $769.70, accompanied by a spike in selling volume exceeding 49,000 tokens.
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Overall, the recent price movement of BNB reflects the volatility in the cryptocurrency market and the impact of external factors such as Bitcoin’s price fluctuations. Investors should closely monitor the market conditions and stay informed about developments that may influence the price of BNB.