Richard

Drops

Coin

<ul> 
 <li>BNB coin hit an all-time high the previous week and the price dipped to $616.</li> 
 <li>RSI was marked at 47.31, amid facing selling pressure.</li> 
</ul> 
Binance Coin (BNB), the native token of the world’s largest crypto exchange, soared to a record high of $720 on June 6th. However, within a week, its value tumbled to $616, leading to a 7.13% decline over the past 24 hours. 
Moreover, BNB’s market capitalization surged to over $109 billion before settling at $91 billion currently, according to data from CoinGecko. Despite the recent dip, the token’s trading volume saw an impressive 98.99% increase, reaching $3.61 billion.&nbsp; 
Adding to Binance’s momentum, <a href="https://x.com/_RichardTeng/status/1799478703736725552" target="_blank" rel="noreferrer noopener nofollow">Richard Teng</a>, CEO of Binance, disclosed that the platform’s user base has now <a href="https://thenewscrypto.com/binance-reaches-200-million-users-as-crypto-adoption-and-web3-soar/" target="_blank" rel="noreferrer noopener">surpassed</a> 200 million. This milestone further solidifies Binance’s status as the leading crypto exchange by trading volume. However, these come against the backdrop of the exchange’s founder, <a href="https://thenewscrypto.com/binance-founder-changpeng-zhao-begins-four-month-prison-term/" target="_blank" rel="noreferrer noopener">Changpeng Zhao</a>, receiving a four-month prison sentence in the U.S. for failing to prevent money laundering on the platform. Zhao’s guilty plea and agreement to pay a $50 million fine underscore the regulatory challenges facing major crypto exchanges. 
<h3 class="wp-block-heading" id="h-will-the-bears-pull-back-the-price">Will the Bears Pull Back the Price?</h3> 
The daily Relative Strength Index (RSI) of BNB stands at 47.31, indicating that traders are selling rather than buying and are driving the price down.&nbsp; 
If the price of BNB remains above $600 and continues to increase, the first major resistance could be at the $669 level, and by following this, the next key resistance can occur in the $780 range. Further gains will drive the price towards the $898 level. 
In contrast, if the price fails to move above the $670 resistance zone, it could dip, with immediate support in the $565 range. Then, key support occurs in the range of $479. A further drop might take the price towards the $349 level.&nbsp;

BNB Price Drops Following Record All-Time High

Table of Contents

TheNewsCrypto

Other articles published on Jun 11, 2024

Fantom (FTM), Fetch.ai (FET), Optimism (OP) All Drop Over 10% But Rollblock (RBLK) Holding Strong...

Binance Labs Invests In AI zk Rollup Zircuit: Here’s Everything

UK Issues Urgent Warning on Crypto Investment Firm Digital Assets Nest

Investors Secure Gold with Paxos Gold (PAXG)

The Top Crypto Presale: Will MoonBag Rise To 1 Dollar After Burns And Coinbase Listing Rumour, Le...

Will XRP and XLM Lose in the Face of the Rising XDC?

Join our free newsletter for daily crypto updates!