- BNB’s price fails to hold amid the market turmoil as the price falls back into its key support zone with a range bound move.
- BNB price continues to show strength after a downtrend with the current state of the market as things look uncertain for most traders and investors.
- BNB price continues to hold $270 on daily time frames as price targets bounce above 50 Exponential Moving Average (EMA)
Binance Coin (BNB) price has been a remarkable performer in recent weeks, rising from a low of $280 to a high of $390 before being rejected due to the current state of the market which has affected most crypto projects. The crypto market has seen a sea change in sentiment, with Binance Coin (BNB) and the price of other altcoins struggling to survive after news broke that Binance would not take over FTX and the company had gone bankrupt. . The previous months saw the price of most altcoins rise, as many produced gains of over 200%, and many hoped for a bigger rally. Yet, these expectations have been interrupted by the uncertainty surrounding the crypto market, which has raised a lot of fears about where the market is headed. (Data from Binance)
Binance Coin (BNB) Price Analysis on the Weekly Chart
The crypto space has seen a lot of turbulence in recent days, with many altcoins struggling to show their strength after losing key support that was holding the price down.
The current market uncertainty has made traders and investors hesitant to buy altcoins, as there is no guarantee that they will rise anytime soon.
The news of other exchanges being in the mix of the FTX saga has sparked more fears as many investors and traders are hesitant to invest in certain projects including the price of BNB suffering from high prices as it lost support of $300.
The price of BNB fell to a weekly low of $260 before bouncing off this region, showing great strength at a region of $275 as the price aims to break higher. BNB price needs to swing into the $300 region for BNB price to trend higher and regain its bullish structure.
Weekly resistance for BNB price – $300.
Weekly support for BNB price – $200.
BNB Price Analysis on the Daily Chart (1D)
The price of BNB remains significantly elevated in the daily timeframe as the price is trading above the $270 support after bouncing back from the $260 region.
If the price of BNB rises above $300, we might see more rallies for the price of BNB; a break below the $270-260 region would lead to more selling for BNB with the possibility of price trending towards the $200 region.
Daily resistance for BNB price – $300.
Daily BNB price support – $270 to $260.
Featured Image From zipmex, Charts From Tradingview