Crypto News- On Thursday, September 21, I observed a significant decline in momentum within the cryptocurrency market, and this was primarily triggered by the U.S. Federal Open Market Committee meeting.
The market’s response was a direct outcome of my attempts to comprehend the Federal Reserve’s latest decision regarding interest rate hikes. Among the various cryptocurrencies that felt the impact, Binance Coin (BNB) suffered a sharp decline, jeopardizing its nearest support level.
BNB Sees Steep Drops, Approaches Key Support at 210 Dollars
The Federal Reserve had just announced the day before that they would maintain unchanged interest rates. However, they dropped hints about the possibility of one more rate hike by the year’s end, as well as fewer rate cuts in the coming year compared to earlier forecasts.
If this scenario unfolds, it would signify the twelfth rate hike since the Fed began tightening its policies back in March 2022. While I had been expecting the decision to keep rates steady, the uncertainty surrounding the Fed’s future actions introduced significant volatility into the crypto market, and BNB bore the brunt of it. During the recent market correction in September, BNB experienced a notable drop, tumbling from its peak of $221.4. This decline wiped out the gains from the final week of August and resulted in an 8% price drop, settling at a low of $203.9.
Nevertheless, I’ve noticed recent indications of buying momentum preventing BNB from sliding down to that critical support level. The cryptocurrency managed to break past the $210 mark and ascend to its most recent resistance zone at $217.2, currently trading at $211.4. I’m closely monitoring the cryptocurrency market in the midst of this period of uncertainty following the Fed’s announcement, and BNB’s performance has become a matter of particular interest to me.
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