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BNB fell 3% on Friday after $100 million exploit
The cryptocurrency had already hit its target around $300 and a correction was in place.
Potential price action/bullish reversal could occur at or near $267
binance BNB/USD Exploit down over 3% on Friday newsAn overnight hack against the BNB chain led to a loss of at least $100 million. However, BNB Chain has an initial target of around $560 million, which he estimates at $7 million.
The exploit forced the network to shut down for hours before resuming. The BNB chain has promised users that their funds are safe as it works to freeze transfers. This allowed the hacker to break the security proof of his BNB chain.
As the hacking incident unfolded, BNB took a hit. At press time, the cryptocurrency is trading between yesterday’s highs of $297 and $284. According to technical analysis, BNB was imminent in correction after hitting resistance.In the previous coinjournal analysisexplained why $300 is a critical zone for BNB. Now that the price has reached $298, the goal is already considered achieved, although not exactly.
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From a technical outlook, BNB is in a correction phase that could last for several days.The MACD indicator remains in the bullish zone, but momentum is weakening. The latest exploit exacerbates BNB’s weakness and a break above $300 will have to wait for another day. The cryptocurrency can find support at $267.
BNB’s weakness is expected to increase further after the hacking incident. However, buyers are defending $267, making it the final key level to watch.
