BNB Price Prediction: Can it Recover in the Slumping Market?

Vignesh Karunanidhi
BNB Price Prediction: Can it Recover in the Slumping Market?
Source: CoinNamenews

Binance is one of the world’s largest cryptocurrency exchanges. In 2017, the exchange began offering services. It has more than 30 million users worldwide. The exchange is straightforward and has a low transaction fee.

Unlike other trading platforms, Binance expanded and created jobs during the weak and falling market of 2022. The cryptocurrency exchange provides a trading platform for over 600 different coins.

Binance’s official coin is BNB. Following the trials of the collapsing cryptocurrency market, the token fluctuated along with other cryptocurrencies throughout 2022. BNB spiked by over $40 after Binance’s FTX acquisition announcement on Nov 8. However, the spike was short-lived, as it retraced with over a 10% loss in value in the last 24 hours.

BNB price prediction: When will it make a comeback?

BNB is currently trading at $293 at the time of writing. It is hovering around the same price as it was in mid-September. BNB was hovering around $388 yesterday before falling back to around $287 in the last 24 hours.

The cryptocurrency market, which had been showing a slightly bearish stance two weeks ago, has erased all of the gains. Bitcoin was trading at monthly highs of $21,445 before falling back to its current trading price of $17,459.

The market has proven to be extremely volatile as it slumped after the FTX drama. Usually, acquisitions have a positive impact on a firm’s native coin. However, BNB traveled in a different direction after the news.

Binance is still conducting due diligence before confirming the final acquisition to the public. If CZ were to make the news public, it could possibly have a positive impact on the price of BNB. However, things remain uncertain as the market is becoming difficult for investors.