• Sun. Jun 23rd, 2024

BNB takes a hit from an exploit. Here is the level to watch

  • BNB fell 3% on Friday after an exploit of $100 million

  • The cryptocurrency had already hit the target at or around $300 and was set for a correction

  • Potential price action/bullish reversal could occur at or close to $267

Binance BNB/USD fell more than 3% on Friday on exploit news. The overnight hack on the BNB Chain led to a loss of at least $100 million. However, BNB Chain estimates the figure at $7 million, with about $560 million initially targeted. 

The exploit forced a network shutdown for hours before resuming. BNB chain promised users that their funds are safe as it works to freeze any transfers. The attack is deemed to have been perpetrated by a bug in the bridge. It enabled the hacker to breach the security proofs of BNB Chain.

As the hacking event unfolds, BNB has taken a hit. As of press time, the cryptocurrency traded at $284, down from the previous day’s high of $297. Technical analysis shows that BNB was imminent for a correction after hitting resistance. In our previous Coinjournal analysis, we illustrated why $300 was an important zone for BNB. With the price reaching $298, we deem the target as already met, although not precisely. 

BNB slides below $300 after the latest exploit

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Source – TradingView

From the technical outlook, BNB is in a correction phase that could last a few days. The MACD indicator remains in the bull zone, but momentum is weakening. With the latest exploit, BNB’s weakness will exacerbate, while a break above $300 will wait for another day. The cryptocurrency could find support at $267. 

Summary

BNB’s weakness is expected to rise further after the hacking incident. However, buyers have been defending $267, making it the ultimate key level to watch. 

The post BNB takes a hit from an exploit. Here is the level to watch appeared first on CoinJournal.