Can BNB price extend its rebound after paring some of last weeks losses?
The price of BNB is up around 3% today, in part due to bearish traders opening more BNB-tied contracts despite suffering losses via liquidations in the past 24 hours. In addition, BNB stands extremely"oversold," which may have prompted traders to buy the dip.On June 14, BNB price climbed nearly 4% to $253. The gains came as a part of a recovery that saw its price rebounding 12% two days after falling to a six-month low of $220.
In recent years, BNB price came under pressure due to broader crypto market declines, as shown below. As of June 14, BNB/USD trades inside $240-250 range, a consolidation area from December 2022-January 2023.
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