Home CryptocurrencyAnalysis Binance Coin Loses $270 Support As Bears Eye $200; Will the bears push harder?

Binance Coin Loses $270 Support As Bears Eye $200; Will the bears push harder?

by SuperiorInvest
  • BNB price continues to be strong as the bull refuses to give up on the FTX fiasco as price trends above $260.
  • The price of BNB continues to look weak as bearish sentiment builds, 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 try to reclaim the region.

The price action shown by Binance Coin (BNB) failed to meet expectations, with the price showing so much price action in recent weeks, climbing to a high of $390. After the collapse of the FTX effect affecting small crypto projects like Genesis, the market still looks weak every day, which means that the bottom is not yet in reach, which leads to the price of many altcoins, including Binance Coin (BNB), struggling for survival. The domino effect of the FTX saga on investors has stalled the market as the market has yet to make a major move after BNB price struggled to stay above $250 in the previous weeks. (Data from Binance)

Binance Coin (BNB) price analysis on 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 and preventing the price from falling.

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

The FTX and Genesis news has a huge impact on the price of altcoins, including BNB, which escalated the price to the $250 region when the price bounced back from that region and regained $260.

After BNB price closed below the weekly high of $260, there is a high chance that the market will go lower, with BNB prices trying to hold.

Weekly resistance at BNB price – $280.

Weekly support at the price of BNB – $250.

BNB Price Analysis On Daily (1D) Chart

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

BNB price remains quite strong on the daily time frame as the price is trading above the $260 support after bouncing off the $250 area on several occasions.

BNB price is trading at $262; the price needs to remain strong above this region for the price to climb to the $280 high where it would face resistance against the higher trend. If the price of BNB breaks below $250, we could see further selling as this has been an area of ​​interest for bearish containment.

Daily resistance at BNB price – $280.

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

Featured Image From Prestmint, Charts From Tradingview

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