Binance Coin Holds Above $290 Amidst Crypto Purge; Are Bulls Still In Control?
09 November 2022 - 2:27PM
NEWSBTC
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) Related Reading: These
Solana Numbers May Scare Off SOL Investors – Here’s Why 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. Related Reading: Crypto Market Liquidations Reach
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