BNB Price Crashed Heavily as the Binance Chain Halts Following a Major Hack of 2M BNB Tokens

The post BNB Price Crashed Heavily as the Binance Chain Halts Following a Major Hack of 2M BNB Tokens appeared first on Coinpedia Fintech News

The BinanceCoin price quickly dropped below the crucial 50-day MA level at $294.5 as the selling volume spiked. The hacker is assumed to have drained a wallet account and swapped, finding a bug that allowed him to multiply the entered amount of tokens. However, the BNB chain was halted quickly while validators suspended BSC, and the team is constantly working to resume operations at the earliest. 

The bulls sprang into action right away to take back control, but the market sentiment remained gloomy. Many believe that the attack could have been more dangerous, but it was stopped in time to avoid causing significant harm. On the other hand, the BNB price slumped by nearly 5% to trade close to the monthly lows at around $278.9. Despite bullish interference, the price continues to remain under bearish captivity. 

The BNB price is trading within a rising parallel channel and after testing the upper resistance a couple of times, the price dropped hard to reach the neckline of the double-top pattern. As it appears that the price has sliced through the crucial neckline, the possibility of the asset reaching the lower support at $277 emerges. While the market sentiments are turning extremely negative, the prices are expected to record a bearish close for the day. 

On the brighter side, technicals suggest a short-term bounce as the RSI and MACD flash bullish signals in the STF. Therefore, the Binancecoin (BNB) price may eventually rise slightly above $285 but appears to be primed to drop hard below $280 in the next couple of hours.