Binance Coin Price Prediction as BNB Turns Green for the Week – Time to Buy?
The price of Binance coin (BNB) has fallen to $266.46 today, representing a 2.5% drop in 24 hours. However, its current level marks a slight rise of 1% for the last seven days, with the exchange utility token having been affected by the ongoing FTX collapse.
These movements come amid Nansen's latest quarterly report on BNB, which found that BNB Chain remained the busiest layer-one platform in terms of total number of transactions in Q3 2022. This highlights the potential BNB has to rally following a return to more positive and bullish market conditions, with the size of BNB Chain and of Binance itself giving it strong grounds to return to growth sooner or later.
Despite returning to the green in terms of its seven-day action, BNB is down by 17% in the last 14 days and by 4% in the last 30. Its technical indicators reflect this insofar as they reveal an ongoing dip in momentum.
BNB's relative strength index (purple) has dropped to 40 and is still pointing downwards, suggesting potential further losses. Similarly, its 30-day moving average (red) appears to be at a crest in relation to its 200-day average (blue), and may begin falling downwards soon.
In other words, a purely technical analysis would suggest that BNB has a little further to drop before it begins a more decisive recovery. This would also be supported by a more fundamental analysis of wider market conditions, with the FTX bankruptcy drama continuing to weigh down prices.
It's likely that FTX's collapse will continue dragging down the market for at least several weeks yet. Yesterday, for example, Genesis announced that its lending arm would be suspending withdrawals, raising fears of wider contagion within the ecosystem.
Indeed, a variety of exchanges and platforms
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