- BNB price continues to hold as the bull refuses to give in to the FTX fiasco as price trends above $260.
- BNB price continues to look weak as bearish market sentiment rises, with things looking uncertain for most traders and investors.
- BNB price looks weak and continues to trade below the daily 50 Exponential Moving Average (EMA) as the bulls attempt to reclaim the region.
The price action displayed by Binance Coin (BNB) fell short of expectations, with the price showing so much price action in recent weeks, reaching a high of $390. Following the collapse of the FTX effect affecting smaller crypto projects like Genesis as the market continues to look weak with each passing day meaning the bottom is yet to be reached which has driven the price many altcoins, including Binance Coin (BNB), struggling to survive. The Domino effect of the FTX saga on investors has left the market stalled as the market has yet to make a major move after the previous weeks saw the price of BNB struggle to hold above of $250. (Data from Binance)
Binance Coin (BNB) Price Analysis on the Weekly Chart
The past few days have been filled with so much turmoil in the crypto space that many altcoins have struggled to show strength after losing key support to prevent price declines.
The current uncertainty surrounding the market has resulted in a reluctance on the part of traders and investors to make purchases of altcoins, which has resulted in more sell orders than buy orders, as the price of BNB is left in balance.
The news from FTX and Genesis had a huge impact on the price of altcoins, including BNB, which pushed the price up to a region of $250 as the price bounced off that region to recover $260.
After the price of BNB closed below the weekly high of $260, there is a strong chance that the market will turn lower as BNB prices struggle to sustain.
Weekly resistance for BNB price – $280.
Weekly support for BNB price – $250.
BNB Price Analysis on the Daily Chart (1D)
The price of BNB remains significantly elevated during the day as the price trades above the $260 support after bouncing off the $250 region on several occasions.
BNB price is trading at $262; price must remain strong above this region for the price to rally to a high of $280, where it would face uptrend resistance. If the price of BNB breaks below $250, we might see more selling as this has been an area of focus to hold the bears back.
Daily resistance for BNB price – $280.
Daily BNB price support – $250 to $260.
Featured Image From Prestmint, Charts From Tradingview