Binance (BNB) coin price has defied all the bearish predictions by showing a strong rebound. The coin of the top crypto exchange is trading sideways on Friday after retesting the key resistance level of $220. The weakness in Bitcoin is generating headwinds for BNB price.
According to Coingecko, BNB is currently the fourth biggest digital asset, with a market capitalization of $33.5 billion. This makes it the second biggest smart contract cryptocurrency, behind Ethereum. BNB is the native asset of Binance Smart Chain and the whole Binance ecosystem.
Is CZ Pumping BNB Price By Selling BTC?
Since last week, many crypto analysts on Twitter have been accusing Binance CEO CZ of artificially holding BNB price up by selling Bitcoin. In the following Tweet, a Twitter influencer MartyParty, accused the top exchange of keeping the price of its exchange coin above $212.
Another analyst took the allegations further, revealing that the Binance CEO is not letting the price down to avoid liquidation of a massive loan on Venus Protocol. According to the allegation, the loan has BNB deposited as collateral and would get automatically liquidated at the Binance coin price of $212.
Binance Coin Price Must Break Above $250
The following BNB coin chart shows that it has been trading within a very wide range since June 2022. The bottom of this trading range is $185, and the top lies at $338. After breaking below the middle of this trading range i.e., $250, the bears are now targeting the range lows.
To make Binance coin price prediction bullish once again, bulls need to gain strength above $250 very soon. Otherwise, I expect a retest of the $185 in the coming weeks. The Bitcoin price action may act as a catalyst for such a downward move.
I’ll keep posting my updated outlook on BNB price on my Twitter, where you’re welcome to follow me.
