Binance Coin Shows Weakness As Price Sits On Key Support; Is $200 Possible?

• BNB’s price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.
• BNB’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors.
• BNB’s price continues to hold $270 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA)

The price of Binance Coin (BNB) has been a standout performer in recent weeks rallying from a low of $280 to a high of $390 before facing rejection due to the current market state that has affected most crypto projects. The crypto market has seen some drastic shift in sentiment, with Binance Coin (BNB) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Previous months saw the price of most altcoins trend higher as many produced gains of over 200%, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)

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Binance Coin (BNB) Price Analysis On The Weekly Chart

The crypto space has seen a lot of turbulence in the last few days, with many altcoins struggling to show strength after losing key support that was holding off price declines.

The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value any time soon.

The news of other exchanges being in the mix of the FTX saga has raised more fears as many investors and traders shy away from investing in some projects, including the price of BNB suffering some major prices as it lost its support of $300.

BNB’s price declined to a weekly low of $260 before bouncing off this region, showing some great strength to a region of $275 as the price aims to break higher. The price of BNB needs to flip the region of $300 for BNB price to trend higher and regain its bullish structure.

Weekly resistance for the price of BNB – $300.

Weekly support for the price of BNB – $200.

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 $270 support after bouncing off from the region of $260.

If the price of BNB breaks above $300, we could see more rallies for BNB price; a break below a region of $270-260 would lead to more sell-offs for BNB with a possibility of price trending to a region of $200.

Daily resistance for the BNB price – $300.

Daily support for the BNB price – $270-$260.

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Featured Image From zipmex, Charts From Tradingview

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