BNB plunges 31% in four days amid market turmoil. Discover the reasons behind the drop and potential future moves.
has been badly affected, leading to a steep fall of 31% over the past four days. This decline was part of a wider market crash that has led to major losses for most cryptocurrencies.
The global crypto market was suffering from sell-offs, and BNB was not an exception. From $634.1 per coin to $434.5, the price of this coin went down, breaking crucial support levels, thus raising fears of further declines in the future.The stochastic relative strength index stood at 0.06 as of press time. This indicates an oversold zone. However, the fear and greed in the current market situation may not amount to further losses.
The concentrated nature of these sales is shown as a black hole in the BNB Liquidation Heatmap data. This is indicative of traders’ anxieties as the market collapsed. By forcing sellers to offload their holdings, they exacerbated downward pressure on BNB price and thus contributed significantly to its plummet.Another setback for BNB is that the token has experienced major outflows, which worsened the sell-off. The inflow and outflow data from Coinglass indicates a significant outflow of BNB Spot, whereby investors hurriedly withdrew their holdings.
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