Tokens running on the BSC chain retraced as many traders started taking profits. The flagship token of the BSC chain, BNB, crashed from $1,320 to $1,250 as the market corrected its price. However, compared to the other tokens on the chain, BNB took less damage.
On Thursday, Binance exchange’s BSC chain tokens came crashing down as traders utilized this opportunity to take profits. ‘Binance life,’ which is a meme coin, dropped about 9.5% to $0.3181 in the past 24 hours. PALU, another meme token tied to Binance’s Chinese community, took the biggest hit as it tumbled from as high as $0.12 to $0.047.
However, the spotlight was on BNB, the flagship token on the BSC chain, as it took less damage from the sell off, crashing from $1,320 to $1,250. Just a few days ago, BNB was seen soaring to highs, making new all-time highs, one after the other. Once the token crossed the four-digit mark, the bulls pushed the prices to $1,200 and reached a new high of $1,349. As the token is still below the all time high, the crypto community sees more upside in the token. With the hype and excitement in the token the crash was well absorbed.
At the time of writing, BNB has been rejected off the resistance level at $1,319, and it is on the lookout for a level to support its falling prices. Although BNB shed a bit of value, the relative strength index (RSI) indicator still shows that the token is overbought. The RSI might fall into the normal range once the token finds support at $1,150.
