Binance Coin’s price continued to find support above a three-month level after witnessing a huge loss due to the past week’s FTX saga. The negative sentiments are not over yet, as BNB needs to bounce back to change the trend.
Earlier last week, BNB saw a sharp rejection after surging to $398.3 on its native exchange. This rejection was triggered by a sudden crash that recently hit the overall crypto market. The price later fell back to the $260 level – three-month support – on November 9 and recovered quickly back to $312 the following day.
After it activated another short, the price rolled back to 264 today. It is priced at $268 at the time of writing. While the bear pressure appeared to have cooled off a bit, the market is waiting for the next major rally, which will likely go up or down.
However, the market remains weak on the current daily chart. If BNB shows strength again and bounces off this controversial support for the fourth time, a substantial increase can be expected.
But if the price manages to flip this support, a big price movement can be expected toward the $200 price level in no time. There’s nothing much happening right now in the market. BNB is currently negotiating for a break or bounce.
Binance Coin Price Analysis (BNBUSDT): Daily Chart
The immediate $276.9 level is currently serving as resistance for BNB on the lower time frame. The next level to watch above this resistance lies at $284 and $300, respectively, if the crypto continues to increase.
If it initiates another sale from the current trading level and the price drops, the closest level to consider as support is $260. The following support level can be found at $250. A further decline could slip the price to $240.1 and potentially $228.2 support levels in the coming days.
Key Resistance Levels: $276.9, $284, $300
Key Support Levels: $260, $250, $240.1
- Spot Price: $268
- 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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