BNB: Binance Coin Dips Below $240, Will it Fall to $190 Next?

Vinod Dsouza
US Regulators Are Investigating a Potential Security Rules Breach by Binance and Its BNB Token
Source: Binance

Binance coin (BNB) dipped below the $240 mark on Tuesday before dusting back and correcting itself at $249. BNB has been on a downward spiral in December after the Reuters report claimed that the SEC is divided in launching an investigation into the exchange. BNB dipped for seven days straight since the story broke out and fell from $278 to $228.

Binance CEO CZ refuted the story calling them “wrong” and stating that the exchange can withstand any bear markets. However, despite the assurance, Binance saw $5 billion in outflows last week as investors feared a possible prosecution by the SEC. The outflows led the coin to bleed further and its trading volume experienced a slump.

Also Read: Whale activity in XRP increases: Will it breach $0.40 next?

BNB: Will Binance Coin Reach $190 Next?

Binance Coin
Source: metalplay

Leading pseudonymous crypto analyst Altcoin Sherpa previously predicted that BNB could reach a low of $220. The analyst revealed that BNB could head further south if it fails to hold on to its resistance levels of $220.

“BNB: High timeframe views on BNB. I don’t really see much of an actionable trade here. It is at support but entire market looks a bit shaky right now. I’m still a longtime holder of BNB myself and will hold this thing for a while. Breakdown of 220 means this goes sub $190 IMO,” he predicted.

Also Read: Shiba Inu: The March Towards Shibarium Beta Launch Begins

Can It Fall To $190? Here’s Our Take

The markets have not fared well in December and have either dipped or traded sideways during the Christmas holiday season. The ‘Santa Claus Bitcoin Rally’ has been nothing but a myth. Also, a recent report published by Nansen Research predicted that the crypto markets will experience another dip by the end of the year.

The report also claimed that a recession could make things worse for the crypto markets in 2023. While the global economy is under pressure, BNB dipping to $220 and then heading south to $190, should not come as a surprise.

Also Read: How Many Cryptocurrencies ‘Died’ in 2022?

At press time, BNB was trading at $248 and is up 0.4% in the 24 hours day trade. It is down 63.9% from its all-time high of $686, which it reached in May 2021.