BNB price risks dropping to $600 amid a widespread sell-off

The price of BNB recorded a sharp drop earlier today, plunging more than 10% and breaking through the $800 support level. This move has caused considerable concern among investors, especially as selling pressure continues to weigh heavily on the entire cryptocurrency market.

Reportedly, the total global cryptocurrency market capitalization has evaporated by nearly 11% in just one day, falling to $2.78 trillion at the time of writing.

Experts believe the main reason for BNB’s price drop stems from a broad sell-off wave, affecting not only BNB but also dragging down major coins like BTC, ETH, and many others.

At the moment, Bitcoin’s price has dropped more than 7%, down to $85,000, after rebounding from a low of $82,000—the lowest level since April 11. Meanwhile, Ethereum’s price also fell to $2,626 during the same period.

Amid this wave of declines, a leading analyst warned that Binance Coin could continue to adjust further downward. Based on on-chain data, this expert noted that BNB risks falling to $600 if it cannot recover and surpass a key resistance level following the recent drop.

BNB price falls as the cryptocurrency market experiences high volatility

Over the past week, BNB has lost more than 9% of its value, at one point dropping to a low of $793 in the past 24 hours. However, at the time of writing, the coin has partially recovered and is trading at $841.

Notably, BNB sharply declined from a 24-hour high of $903.68, reflecting the market’s intense volatility. This drop also indicates growing risk aversion among investors.

The Crypto Fear & Greed Index currently sits at 11, indicating “extreme fear” sentiment dominating the market. Many experts predict that the selling pressure is not over yet and could cause BNB and other major assets to continue falling.

According to data from CoinGlass, rising tensions and a strong sell-off have led to liquidations totaling $2.2 billion in just the past 24 hours.

Thanh Crypto market sentiment | Source: CoinGlass BNB futures open interest also dropped by 1%, indicating investor caution.

BNB outlook: Could it drop to $600?

Given the unstable market conditions and declining risk appetite, a well-known analyst has provided key insights into BNB’s next trend.

In a post on X, analyst Ali Martinez expressed concerns about the recent price drop and highlighted $853 as a crucial support level for BNB. A drop below this level would signal a potential for a deeper correction.

Based on on-chain data, the analyst identified BNB’s next support level at $660. If this level cannot be maintained, the coin could continue to fall to $564. Conversely, if it breaks above $853, the bearish scenario will be invalidated.

Ph BNB price analysis | Source: Ali Martinez, X Many experts also believe that the sharp market drop could present attractive buying opportunities for investors, laying the groundwork for a strong recovery in BNB and other cryptocurrencies.

However, macroeconomic uncertainties and fundamental market factors continue to negatively affect investor sentiment. Therefore, investors should carefully consider and thoroughly research before making decisions in the current highly volatile market environment.

Ông Giáo