- BNB struggles as it holds its price beyond $290 to sustain the optimistic sentiment.
- The alt remains steady as bulls dominate, but failure to crack and sustain beyond $320 remains an issue.
- The asset’s price wavers beneath the 200EMA as the price maintains a bearish move.
Binance Coin has attracted market attention with its price action, outshining the likes of Bitcoin and Ethereum lately. Meanwhile, BNB appears stable on its higher timeframe, highlighting upside probabilities if the market sustains the optimism.
The FTX crisis continues to hurt assets in the crypto world, regardless of the latest relief rebound. Uncertainty plagues the marketplace, encouraging bearish tendencies. The market is yet to record a substantial move amidst the domino impact of FTX and other crises with other leading investors, magnifying worries over the market’s direction.
BNB Weekly Chart Analysis
Though the relief market rebound saw BB soaring from the $260 weekly low to $310, market-wide uncertainty persists, translating to turbulence that affects Binance Coin’s price. Most alts struggle to survive the ongoing bearishness, battling to remain afloat amid extended price declines. n
More cryptocurrency projects follow FTX’s path (filing for bankruptcy protection). That has increased debates on an impending crypto market capitulation that continue to deteriorate digital assets. Meanwhile, the bottom might be in soon.
Binance Coin could not ensure a weekly close beyond $350 after confirming massive momentum during its rally from a $260 seven-day low to $310. Overcoming the $350 hurdle could have opened the doors for more upsides.
BNB has struggled to reclaim strength since plunging from $390 high to $260, with speculations suggesting a further fall to retest the $200 value area.
- Weekly resistance – $350
- Weekly support -$260
BNB Daily Chart Analysis
BNB’s price remains substantially steady on the daily chart, following a closing beneath $290. Nevertheless, failure to overpower $350 during the latest upsurge increased the probability of testing the $200 value area.
Binance Coin currently trades near $293 and beneath the 200 Exponential Moving Average. Meanwhile, the 200 EMA has served as an obstacle, preventing further BNB surges. BNB Should surge past $350 to re-launch a massive price recovery.
- Daily resistance – $350
- Daily support $290