Binance Coin Loses $270 Support As Bears Eye $200; Will Bears Push Harder?

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  •  BNB’s price continues to hold strong as the bull refuses to give in to the FTX fiasco as price trends are above $260. 
  •  BNB’s price continues to look weak as bearish market sentiments increase, with things looking uncertain for most traders and investors. 
  • BNB’s price looks weak and continues to trade below the daily 50 Exponential Moving Average (EMA) as bulls attempt to reclaim the region.

The price action displayed by Binance Coin (BNB) has not met expectations, with the price showing so much price action in recent weeks, rallying to a high of $390. Following the collapse of the FTX effect affecting small crypto projects like Genesis as the market continues to look weak on each passing day signifying the bottom is not yet in, leading to the price of many altcoins, including Binance Coin (BNB), battling for survival. The Domino effect of the FTX saga on investors has left the market at a standstill as the market has yet to make a major move after previous weeks saw the price of BNB struggling to hold above $250. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.

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The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases leading to more sell orders than buy orders as the price of BNB is left on balance. 

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FTX and Genesis’s news have hugely impacted the price of altcoins, including BNB, which has escalated the price to a region of $250 as the price bounced off this region to reclaim $260. 

After the price of BNB closed below the weekly high of $260, there are high chances of the market going lower, with the prices of BNB struggling to hold up. 

Weekly resistance for the price of BNB – $280.

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Weekly support for the price of BNB – $250.

Price Analysis Of BNB On The Daily (1D) Chart

Daily BNB Price Chart | Source: BNBUSDT On Tradingview.com

The price of BNB remains considerably strong in the daily timeframe as the price trades above $260 support after bouncing off from the region of $250 on several instances. 

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The price of BNB trades at $262; the price needs to hold strong above this region for the price to rally to a high of $280, where it would face resistance to trend higher. If the price of BNB breaks below $250, we could see more sell-off, as this has been an area of interest to hold off bears.   

Daily resistance for the BNB price – $280.

Daily support for the BNB price – $250-$260.

Featured Image From Prestmint, Charts From Tradingview

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Author: jamesobande


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