Binance coin (BNB) price has failed to gain momentum despite a significant recovery from the August lows. After a strong rebound from the August lows, the bulls have lost momentum once again. Consequently, the bears are targeting the range low that lies 14% below the current price.
BNB price dropped to $203.4 in August 2023. Even after a pullback, the coin is still up 5.5% from last month’s lows. Advanced technical analysis suggests that the bears are gaining strength as the risk-off approach prevails in the markets.
BNB Price Outperforms Bitcoin
Despite showing a weakness in its USD pair, Binance coin is holding up nicely against Bitcoin. The following BNB/BTC chart shows the strength of the exchange coin in terms of Bitcoin. After a 1.36% drop last week, the pair has already recovered 1.33%.