- Binance Coin Price has dropped by around 20% to $410 But Is Recovering Slowly
- This may be the last time to acquire BNB at a relatively cheap price
- Flash crash in crypto markets hit several coins hard including Binance Coin
The Binance Coin price is currently trading at the $418-$420 level after having dropped to as low as as $396 on Tuesday. The drop from the bi-monthly high of $505 was swift and brutal with a 20% crash over a few hours but the green shoots of a recovery are appearing 48 hours later.
The disastrous El Salvador Bitcoin rollout undoubtedly had a detrimental effect on the broader crypto market with some exceptions. Binance Coin was not one of them however with a considerable fall experienced. All the recent FUD regarding regulation certainly didn’t do the exchange coin any favours either.
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Short Term Prediction For Binance Coin Price: A Slow Climb Upward With Possible Pitfalls On The Way
After having suffered a considerable crash over the past few days, the Binance Coin price looks to have started a recovery. It is worth noting that BNB has recovered substantially since its July 20 swing low of $264 when it touched the $510 level on September 6 only to crash spectacularly only a day later.
If a bullish thesis were to continue prevailing then one would expect the Binance Coin price to rise by around 8% to the $450 level where it would encounter its first resistance. However, if that price level were to be superseded then BNB would have a clear run up to the $500 level again.
If a bearish thesis were to come into play, then the Binance Coin price would probably drop below the $400 level where it should find some support at $390. A similar sell off like Tuesday could signal a further decline but that looks rather unlikely at this point with the market recovering quite quickly.
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Long Term Price Prediction For BNB: Potential To Reach Another All Time High But Very Slowly
In a similar vein to Dogecoin, the Binance Coin price has been rather sluggish since its May crash where it sank by around 70% from its ATH of $665 in April. It has recovered substantially from its July 20 swing low of $264 but the recent setback has lost it time and pared off substantial gains.
On a long-term basis, the Binance Coin price still appears bullish and should reach the mid $600 levels by the end of the year. Some more bullish price predictions are being touted such as the $900 mark but that appears rather far-fetched.
Where to Buy Binance Coin
If you want to purchase BNB, you can do so on the following exchanges:
• eToro
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
• Binance
The other platform where you can buy BNB is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.
Looking to buy or trade [coin name here] now? Invest at eToro!
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Gerald Fenech
