Binance Coin Holds Above $290 Amidst Crypto Purge; Are Bulls Still In Control?

  •  BNB’s price loses its $340 support as the price trades to a region of $290 before bouncing off this region. 
  •  BNB’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors. 
  • BNB’s price remains weak across all timeframes as the price trades slightly above the 50 Exponential Moving Average (EMA).

In the past weeks, Binance Coin (BNB), outperformed Bitcoin (BTC) in price. Many altcoins are trending higher, as most of them have experienced gains exceeding 200%. Binance Coin rallied from $300 to $390. Some were hopeful that BNB will pull off an impressive price action of around $450. These hopes were hampered by uncertainties in the crypto market. BNB’s price is looking strong, with many questions about how long bulls will defend this region with the current market issue between Binance and FTX, creating a fear of uncertainty and doubt for most traders and investors. Data from Binance

Weekly Chart: Binance Coin (BNB), Price Analysis

Altcoins experienced over 2000% growth in the week prior to breaking out from their range-bound movements. Many believe that more hope is coming back into the crypto space.

This week is not the same as previous weeks. FUD news has caused many altcoins to see a decrease in value. Major coins are struggling to stay afloat after what appears to be a crypto purge.

The price of BNB continues to be strong after falling below $350 per week. This support has been there for the price after it was flipped, and has also served as an initial supply zone. Key to preventing the market from selling off is the $300 support. BNB’s price at $300-$290 does not bode well for the market, as it would allow bears to weaken the region and push the price down. 

BNB must remain in the region and rally to avoid falling below weekly lows. As this could affect market sentiment. 

Weekly resistance for the price of BNB – $350.

Weekly support for the price of BNB – $300-$290.

BNB Price Analysis On The Daily (1D), Chart

Source: BNBUSDT On| Source: BNBUSDT On

BNB continues to trade above $290 support daily, which keeps the price stable from trending lower. This is despite the fact that the price bounced off to an increase of around $350. 

BNB’s price closed above $290 on the daily timeframe indicating there are more chances of BNB trending upwards to a region of $350 as the market continues to recover in the coming days. 

BNB must rally to the region of $350 in order for it to stay safe. This will allow for a temporary rally. The price could fall to $250-$200, if bears fail to take control of the 300-$290 range.

Daily resistance for the BNB price – $350.

Daily support for the BNB price – $290.

Featured image from zipmex. Charts From Tradingview 

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