- BNB is currently trading hands at $274.76 after a 0.99% drop in price.
- After its great performance over the last few days, BNB is now consolidating gains.
- If BNB’s price continues to rise, it could visit the $320 level.
Binance Coin (BNB) is in the red for the day so far after the crypto formed a support base above the $240 level. According to the crypto market tracking website CoinMarketCap, BNB is currently trading hands at $274.76 after a 0.99% drop in price over the last 24 hours. The crypto is, however, still in the green by more than 11% over the last seven days.
BNB also weakened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 1.00% and 1.98% respectively. Also in the red zone is BNB’s 24-hour trading volume which stands at $595,485,869 after a more than 17% decline since yesterday.
With its market cap of $43,935,488,084, BNB is currently the 4th biggest crypto in terms of market capitalization. This places the crypto right behind Tether (USDT) in the 3rd position and in front of USD Coin (USDC) which is ranked 5th.
After its great performance over the last few days, BNB is now consolidating gains. The crypto is also now trading above $265.
In addition to this, it seems like bears are trying to protect the $280 and $285 resistance levels. The next resistance for BNB lies at $292, above which the price of the crypto is likely to target $300. If BNB’s price rises even more after this, it could visit the $320 level.
On the other hand, if BNB’s price is unable to clear $280, it could start a downside correction that could see the price of the crypto falling to $240.
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