BNB’s price struggles as price hold above $290 to maintain the bullish sentiment
BNB’s price remains strong as bulls dominate the market; the price fails to break and close above $320 with so much uncertainty in the market
BNB’s price trades below get the 200 Exponential Moving Average as the price continues in bearish movement (EMA)
The price action displayed by Binance Coin (BNB) has been a show to watch, outperforming the likes of Ethereum (ETH) and Bitcoin (BTC) in recent times.
In the high timeframe, the price of Binance Coin (BNB) looks strong, with a probable result of an uptrend movement if the market remains optimistic.
Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.
The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)
Binance Coin (BNB) Price Analysis On The Weekly Chart
Despite the relief bounce across the market, with the price of BNB rallying from a weekly low of $260 to a high of $310, the crypto market remains uncertain and turbulent, affecting the price of BNB. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.
With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.
BNB’s price had a weekly close below a crucial area of $350 after showing so much strength rallying from a weekly low of $260 to a high of $310 as the price was unable to break above $350.
After BNB’s price declined from a high of $390 to a region of $260, the price has struggled to regain such strength with more speculation of price retesting the region of $200.
Weekly resistance for the price of BNB – $350.
Weekly support for the price of BNB – $260.
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 after closing below $290. With BNB’s price unable to break and close above $350, there are growing chances of price retesting the regions of $200 if the market persists in this state.
BNB’s price currently trades at $293 below 200 EMA, acting as resistance for the price of BNB from trading higher. The price of BNB needs to break above $350 for the price of BNB to kickstart the price recovery plan.
Daily resistance for the BNB price – $350.
Daily support for the BNB price – $290.
Featured Image From zipmex, Charts From Tradingview