Binance Coin Revives Its Bullish Strength Above $290; Will Bulls Defend This Area?

The price action demonstrated by Binance Coin (BNB) has recently been a better performer rallying from $250 to a weekly high of $300 than the previous week as the market suffered from some price decline affecting most crypto assets. Despite the relief bounce from BNB (BTC), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance)

Binance Coin (BNB) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Binance Coin (BNB) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Binance Coin (BNB) has suffered more price loss, as the price dropped from a high of $600 to a weekly low of $250, leading to speculation of a further drop to $200-$150. 

BNB’s price declined from a weekly region of $400 to a region of $250 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low. 

The price of BNB has responded well, holding off sell-off and bouncing off from $250, rallying to a high of $300, where the price faced rejection breaking higher. The price of BNB needs to hold above $310 to keep alive the hope of a relief bounce. 

Weekly resistance for the price of BNB – $310.

Weekly support for the price of BNB – $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 after BNB saw its price decline from $400 to $250 recently. 

BNB’s price continues to struggle as the price looks good as the price aims to break and hold above the daily price of $305, which corresponds to the 50 and 200 EMA. The price of BNB needs to reclaim and trade above $310 for a short-term relief bounce. If the price of BNB fails to flip the region of $310 and gets rejected below $270, we could see more rejection in BNB price to a region of $200 and even lower. 

Daily resistance for the BNB price – $310.

Daily support for the BNB price – $290-$270.

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