The post Why You Should Think Twice Before Shorting BNB Price appeared on BitcoinEthereumNews.com.

The BNB price action is currently one of the most resilient in the crypto space. Despite the wild volatility that hit the markets in August, BNB only lost 7.56%. It performed even better in September, gaining 6.47% despite the September 6 crash. Investors looking to short BNB may want to re-do their due diligence as the asset looks primed for an upside move. So far, in October, the Binance coin has been down 1.01% and is still maintaining the tight range it has been in for the last six months. Examining the BNB chart, the asset is waiting for the volatility to end before it can surge to new all-time highs. 3 Reasons Why You Should Not Short BNB Price Binance coin price is down 1.9% over the last 24 hours and is trading at $561.20. This decline is in line with the recent fall in crypto prices following higher-than-expected U.S. CPI data, which rose by 0.2% in September. Economists have anticipated the CPI to only increase by 0.1%. BNB Price Chart The Bitcoin price slipped below $60,000 on this news, causing the entire crypto market to dip. The total crypto market cap is down 1.4% in the last 24 hours and hovers around $2.228 trillion. Despite these market fluctuations, the price of BNB still remains the most stable among the majority of crypto assets. Here are some other reasons to consider before shorting BNB price: 1. Strong Market Position Binance crypto exchange remains one of the world’s largest and most influential cryptocurrency platforms, and BNB is at the core of its ecosystem. This strong market presence can provide robust support for BNB price.  Binance is the third largest crypto asset by market cap (excluding stablecoins), meaning it has a great influence in the market. BNB dominance has grown by…

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Filed under: News - @ October 11, 2024 10:22 am