Binance Coin (BNB), the native cryptocurrency of the Binance exchange, has been going through a rough time in the crypto markets lately.
Despite strong pressure from the bulls to push the price of the coin higher from the $320-$325 region, the bears took over and drove the price down.
Now BNB is seeking support around $300 as the market remains volatile.
As one of the top cryptocurrencies by market capitalization, Binance Coin is a favorite among traders and investors alike. However, the recent price action has left many wondering about the coin’s future prospects.
While some analysts remain optimistic about the coin’s long-term potential, others are cautious and suggest that the current market conditions could lead to a further downturn for Binance Coin.
Binance Coin price analysis
Binance Coin price up CoinMarketCap stands at $312.46, with a slight drop of 0.29% in the past 24 hours. Unfortunately, this trend has continued over the past seven days, with a 4.35% drop, leaving investors concerned about the future direction of Binance Coin’s value.
Source: CoinMarketCap
The value of Binance Coin has fluctuated between $320 and $340 since rising to $350 in mid-April.
However, in recent days, the support of the lower trendline has been broken by the price of the coin, indicating a bearish trend in the market.
This breach was followed by a rapid drop from $324 to $311, resulting in a 4.39% loss in just 32 hours.
Current market conditions suggest that bears are in control of the price of the Binance Coin, which worries investors. The $309 and $301 price levels have been major support cushions since February.
The analysis of Binance Coin’s price movements shows that the market remains volatile and unpredictable, leaving investors uncertain about the future direction of the coin’s value.
How BNB Bulls React
Despite the recent bearish trend in the market, there is still hope for Binance Coin bulls to take control of the market and increase the value of the coin.
The first step to a bullish trend is to regain the $320 price point, which has served as a resistance level for the past few weeks. If bulls manage to push the price above this level, the next point of resistance would be $340.
BNB market cap currently at $48 billion on the daily chart at TradingView.com
To regain the bullish momentum, Binance Coin needs a significant increase in trading volume, which could be a sign of renewed investor interest.
Further positive news around Binance exchange, such as the launch of new products or partnerships, can also boost the value of the coin.
– Featured image from Adventure Magazine
