What Does Yesterday’s Drop Mean for BNB?
Crypto coin BNB fell sharply on Thursday from $293 (BNB/USD) to $280. That 4.4% drop would not be a big deal except that it happened very suddenly, and investors feared that further drops would hit the coin shortly thereafter.
BNB Starts Climbing
Today, BNB is down 3.96% from yesterday at $283.16, having pulled back slightly from the drop but obviously not made a full recovery.
That bearish movement came at a time when BNB was on the rise, riding a bullish trend from the first of the month until the 4th. Then, the BNB rate started to waver, struggling to hold onto its gains until it quickly lost them.
The start of the bullish trend found BNB at $278, and the coin managed an increase of 6.8 during the upward movement over several days.
The current BNB price is still above where it started out several days ago, so that is progress, but the question now is where the coin is headed from here.
What’s Next for BNB?
BNB is the #5 ranked crypto coin on the market and is still trading high, with nearly $1.3 billion in trades over the last 24 hours. The trade volume is way up as well, about 93% in the last 24 hours.
What do we think about BNB future movement? Is this a good time to invest? The coin is doing remarkably well over the week as well as when you take into account its movement for the month. It’s also way above where it was a few months ago. There have been some major rate movements that have kept things interesting for the coin but not propelled it extremely high. We may continue to see that kind of volatile movement from day to day but fairly steady rates over the longer term.
In other words, BNB seems to be a sound investment right now, as long as investors can get it at a low point, which it really isn’t at in this moment. Wait for the rate to drop and then ride the probable profits after a few days from there. That seems to be the path forward for investors with this coin right now.
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