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).

Previous weeks saw the price of Binance Coin (BNB) outperform Bitcoin (BTC). Most altcoins trend higher as many produced gains of over 200%, including Binance Coin (BNB) rallying from a region of $300 to a high of $390, with many hoping the price of BNB would pull off a good price action to a region of $450. Still, these expectations were cut short by the uncertainty surrounding 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)

Binance Coin (BNB) Price Analysis On The Weekly Chart

The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The new week has yet to look like the previous as the week has looked choked with FUD news leading to many altcoins being affected negatively in price as major coins have been struggling to stay afloat from what looks like a crypto purge.

Still, the price of BNB has continued to look strong after breaking below its weekly high of $350, which has served as support after flipping the price, acting as a supply zone initially. The support formed at $300 has proven to be key to holding off the price from sell-offs. The price of BNB retesting the support at $300-$290 is not good for the market as this would weaken this region for bears to push the price lower. 

The price of BNB needs to rally off this region to look safe and avoid dropping below its weekly lows, as this would affect the general market sentiment. 

Weekly resistance for the price of BNB – $350.

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

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

The price of BNB remains considerably strong in the daily timeframe as the price trades above $290 support, holding off the price from trending lower after retesting this region on previous times, bouncing off to begin a rally to a region of $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. 

The price of BNB needs to rally to a region of $350 for the price to remain safe temporarily, leading to a relief rally. If the price of $300-$290 fails to hold bears, we could see the price going down to $250-$200.

Daily resistance for the BNB price – $350.

Daily support for the BNB price – $290.

Featured Image From zipmex, Charts From Tradingview