The Binance Coin price has retreated today as the price of cryptocurrencies pull-back. The BNB price has dropped by 3.50% in the past 24 hours, bringing its total market cap to more than $42 billion. Still, the coin has performed reasonably well this year, having risen by more than 650%.
What happened: The price of cryptocurrencies rebounded this week after they plunged sharply last week. Indeed, earlier today, the price of Bitcoin was about to retake its all-time high.
However, in the past few hours, a sea of red has emerged in the crypto industry, with most coins falling by more than 3%. Therefore, since there has been no Binance Coin news, we can assume that the drop is because of the overall drop in crypto prices.
Still, there are several exceptions. As I wrote earlier today, the price of Crypto.com coin rose today, which is partly because of the upcoming launch of Crypto.org network. Another exception is Theta, whose price has jumped by more than 17% in the past 24 hours.
The BNB price is trading at $280, which is 50% above the lowest point on February 28. On the four-hour chart, the price has been in a consolidation mode in the past few sessions. It has also moved slightly above the 25-day and 15-day moving averages. It is also forming what seems like a bullish pennant pattern that is shown in blue.
Therefore, the Binance Coin price will likely bounce higher as bulls target the all-time high at $348, which is 23% above the current price. However, a drop below $250 will invalidate this prediction.
