- BNB price continues to hold above the $300 level after losing this region as a result of FUD that Binance was insolvent
- BNB trading above $300 is good for bulls as this value is above the key 50 and 200 Exponential Moving Average (EMA), indicating bullish price movement
The price of Binance Coin (BNB) in the recent week has struggled to match the rally shown by other altcoins like Aptos as it rallied by over 600% in less than one month as many continue to scoop mouth-watering gains from this altcoin. In contrast, BNB continues to struggle above key region that has attracted many.
Readings: Aptos Traders Gain Over 500% In Three Weeks; Here Is What To Expect
With the crypto market finding itself in a range state as Bitcoin struggles to break past the $25,000 area acting as resistance, the price action has affected Binance Coin (BNB) as the price of BNB continues to trade slightly above this region.
The price of BNB hasn’t enjoyed much of a great price action after the collapse of FTX, as this has affected the general state of the market and other crypto projects involved in the saga.
Binance Coin Daily (1D) Price Analysis
The price of BNB continues to look strong, holding above the current value of $304, which corresponds to the Fibonacci retracement value of 38.2%, acting as support for the price of BNB.
With little to no volume accompanying the present price action of BNB, the price needs to hold above its current value to rally higher to a region of $350 and possibly $400.
If the price of BNB fails to hold this region of $300, acting as support, we could see the price of BNB retesting the region of $280 and lower should the sell orders surpass the buy orders.
The prices of $280 and $290 will support BNB as these prices correspond to 50 and 200 EMA.
Major BNB Resistance – $350 – $400
Major BNB Support – $280 – $290
Image From Techmorn, Chart From Tradingview
