BNB Sinks to Yearly Lows: Key On-Chain Data Reveals Extremum

BNB descends below a critical support line; will Binance Coin show resilience to the ruthless crypto bears?

Window on a cave shows Changpeng Zhao floating underwater.
Created by Gabor Kovacs from DailyCoin
  • On Monday, Binance Coin (BNB) dropped to the yearly low of $209.88.
  • Technical BNB price charts point to an extremum trigger below $210.
  • Crypto market watchers accused Binance of BNB price manipulation.

The global crypto giant’s native coin, Binance Coin (BNB), is in the middle of an intense bear and bull fight around the fundamental $210 support line, which could be a game-changer for the $32bn market cap alternative cryptocurrency.

According to Crypto Scalps Bot, the fourth largest cryptocurrency by global market capitalization broke dextremum, below the major support line at $215.23. In technical terms, crypto dextremum points to a bearish sentiment shift, triggering mass long-position liquidations. In opposition to extremum, this metric suggests an incoming price drop.

Binance’s CEO Changpeng ‘CZ’ Zhao has been accused of ‘heavily defending’ the $212 support line for $BNB. This theory has been posted by crypto macro analyst Marty Party, claiming a hole in liquidity. In response, CZ argued that the analyst hadn’t checked the size of the SAFU Insurance Fund, claiming the $212 barrier was random.

Binance’s FUD Carnival: Big Players Weigh In

Meanwhile, American hedge fund manager Chase Coleman took to X to reveal his scary theory that BNB market value is propped up with collateral funds. ”#Binance is likely dumping customers #BTC to keep #BNB afloat,” declares the known crypto skeptic, urging his audience to get funds off Binance and adding, “This is investment advice.”

The founder of Tiger Global Management referred to $210.80 as a crucial liquidation price for Binance Coin, which has tanked below that in recent hours. At press time, $BNB trades at $209.69, according to CoinGecko.

The crypto giant’s native coin plummeted below the fundamental support line of $240 on August 14th, 2023, and has retraced the February 2021 levels.

On the Flipside

  • The leading crypto exchange Binance had previously operated smoothly through massive outflows.

Why This Matters

Most large-cap altcoins are affected by the overall market sentiment and the developments in the native company.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.