Since the bear cycle started in 2021, Binance Coin has always found a way to recover quickly after a huge price fall. While some altcoins have bottomed, the coin is still trading far away from its previous bear cycle low.
After Binance Coin crashed to around $250, falsely breaking the crucial $260 support last month, it bounced back notably by an insane 28% to tap $317 on its native exchange. Unfortunately, it initiated another sell action.
Regarding volatility and price movement, BNB appeared to be moving fast ahead of Bitcoin and some top altcoins for the past couple of weeks. It has become a key indicator for market direction over the past couple of weeks.
Its high volume inflow made the price to swing significantly more easily than Bitcoin and Ethereum in the past weeks. The price is dropping again towards the crucial support mentioned above. We may experience a crypto market soon if BNB patterns come into play.
Even though it appears BNB temporarily drives the market direction due to its recent high volatility, it’s important to note that Bitcoin remains the key driver and indicator of price movement in the entire crypto space. It leads while the other follows.
Binance Coin Price Analysis (BNBUSDT) – Daily Chart
Considering the key levels to watch for this latest sell action, BNB is charging towards the $284 and $276 levels.
If these levels fail to suppress pressure, the price will likely fall back at the crucial $260 support, which is right inside the orange demand zone. Should the bears mount pressure, the $250 level will be waiting as support, followed by $240.
However, if BNB finds a rebound above the orange zone, the market would quickly reclaim the $300 level before rising to $320 and $337. The key price target would be $360 as buying advances.
Key Resistance Levels: $320, $337, $360
Key Support Levels: $284, $277, $260
- Spot Price: $290
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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