News

BNB Experienced Sharp Declines, Facing The $210 Support Level

Key Points:

  • BNB experienced sharp declines, endangering its support level, following a recent market correction.
  • The crypto market faces turbulence as investors digest the Federal Reserve’s decision on rate hikes.
  • The Fed maintains interest rates but hints at a potential year-end rate hike, introducing volatility to the market.
The crypto market experienced a notable decline in momentum on Thursday, September 21, following the U.S. Federal Open Market Committee meeting. This dip is a direct response to investors grappling with the Federal Reserve’s latest decision on rate-hike plans. Among the altcoins affected, BNB experienced sharp declines, endangering its nearest support level.
BNB Experienced Sharp Declines, Facing The $210 Support Level 3

Crypto Market Reacts to Fed’s Decision

In an announcement made the day before, the Federal Reserve opted to maintain the current interest rates. However, they did hint at an expectation of one more rate hike by the end of the year and fewer rate cuts in the coming year compared to earlier predictions.

If this materializes, it would mark the twelfth rate hike since the initiation of policy tightening in March 2022. While the decision not to hike rates was widely anticipated, uncertainty about the FOMC’s future actions has introduced volatility to the crypto market, with BNB feeling the impact.

BNB Faces Uncertainty Amidst Market Volatility

During the recent market correction in September, BNB faced a significant drop, plummeting from its peak of $221.4. This resulted in a decline on its chart, erasing the gains from the final week of August and causing an 8% drop to a low of $203.9.

However, recent indicators of buying momentum have steered BNB away from this support level. The coin managed to break above the $210 mark and rise to its most recent resistance zone at $217.2, currently trading at $211.4.

BNB price chart. Source: TradingView

Investors are closely monitoring the crypto market as it navigates this period of uncertainty following the Fed’s announcement, with BNB’s performance being a key point of interest.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

2 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

5 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

7 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

7 hours ago

This website uses cookies.