BNB (BNB) Makes Partial Recovery from Recent Drop, but Will It Continue Climbing? - Forex News by FX Leaders
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BNB (BNB) Makes Partial Recovery from Recent Drop, but Will It Continue Climbing?

Posted Friday, July 1, 2022 by
Timothy St. John • 2 min read

The Binance token BNB is on the rise today after three days of significant drops. We saw the rate plummet from $240.90 (BNB/USD) on Tuesday to a low of $206.98 early Thursday. Today, the BNB rate is up 3.49% to a price of $216.61.

BNB/USD

How Has BNB Been Performing

The BNB rate was up even higher late into the night on Thursday, reaching a high of $225.65. It has fallen since then, but it is still above its recent low point, having nearly climbed back to where it was late in the day on Wednesday.

How is BNB trading right now? The trade volume is up 23.22%, which brings the trade volume over $1.2 billion for a 24-hour period. That’s healthy for the #5 ranked crypto, even though the overall market is not terribly healthy.

There is still a lot of life left in some of these higher-ranking crypto tokens, particularly those with the kind of backing and clout of BNB. It is the proprietary token of the Binance network, which is the largest crypto exchange platform in the world. That gives the BNB token a lot of visibility, so even as many other crypto coins have dropped considerably in the ranking over the last few months alongside a tanking economy, BNB still enjoys a lot of prestige and media coverage.

Should Investors Look to Buy BNB Right Now?

BNB may be up for the day, but it isn’t as high as it was before the last bearish trend, so there is the chance that it will move up past its current level and keep on going. We should see some movement over the weekend, particularly because a new month has just started. As investors look at their holdings and consider what they have in the bank available to spend, they may jump on a top-ranking crypto like BNB. It is especially tantalizing right now because of the recent rate drop.

We can see BNB gaining some momentum over the weekend, perhaps getting back up to the $225 level before Monday. The last few days have been quite volatile for the market as well as for BNB, so it’s hard to say where it might head.

BNB started off the year at more than twice its current rate, at $529.70. It has fallen so far since then as well as from the last time we checked in with it, and we don’t see that overall trend changing anytime soon, but investors may be able to make some profit via day trading if they watch this crypto closely.

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