A top analyst noted that BNB price may revisit the $600 level if bears continue to dominate.
BNB price, also known as Binance Coin, recorded a massive dump earlier today, falling by more than 10% below the $800 support level.
This has spooked traders, especially amid the ongoing selling pressure recorded in the broader crypto market.
Notably, the global crypto market cap has lost nearly 11% today and fell to $2.78 trillion at the time of writing.
The market experts have cited the broader market selloff as a potential reason behind the dip in BNB price, alongside BTC, ETH, and others.
During writing, Bitcoin price was down more than 7% to $85,000, recovering from a 24-hour low of $82,000 and its lowest level since April 11. On the other hand, ETH price also fell to $2,626 in the same timeframe.
Amid this, a top analyst hints at a further correction in Binance coin. The expert, citing on-chain data, noted that the crypto risks falling to as low as $600 if it fails to reclaim a key resistance level following its recent retreat.
BNB price has lost more than 9% in a week and slipped to as low as $793 in the last 24 hours.
However, during writing, the Binance coin price has erased some of its recent losses and traded at $841 at the time of writing.
Notably, the crypto has fallen from a 24-hour high of $903.68, reflecting the highly volatile trading scenario in the market.
Besides, the dip could also be attributed to the broader crypto market selloff, which indicates a waning risk-bet appetite of traders.
Meanwhile, the crypto market fear and greed index was at 11, indicating “extreme fear” sentiment hovering in the market.
Having said that, some experts anticipate the selling pressure to continue, which in turn could further cause a drop in Binance coin alongside other top assets.
It’s worth noting that the rising tensions and the latest selloff have caused a $2.20 billion liquidation in the last 24 hours, CoinGlass data showed.
Besides, BNB Futures Open Interest also saw a plunge of 1%, reflecting he cautious stance of market participants.
Amid the ongoing volatile scenario in the crypto market and a decline in the risk appetite of traders, a top market expert reveals key details on the potential future movement of Binance coin.
In a recent X post, analyst Ali Martinez has sparked concerns, highlighting the recent dip in BNB price.
He noted that the $853 level marked a major support for BNB, and the current dip below that suggests a looming correction ahead.
The expert, citing on-chain data, said that the next major support for the crypto lies at $660. In addition, if it fails to hold the $660 support, a further dip to $564 can be witnessed by the asset.
On the flip side, the $853 mark will now act as a resistance for BNB price, breaking which could invalidate the bearish projection.
Meanwhile, many analysts also believe that the recent market crash would provide a buying opportunity to traders at a discounted rate.
Considering that, it might help in a strong recovery for BNB price, as well as the other cryptocurrencies.
Despite that, the continuing macroeconomic woes and the market fundamentals have weighed on the traders’ sentiment.
So, investors should exercise thorough research while exploring the investment opportunities in this volatile market.
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