Binance Coin (BNB), the native cryptocurrency of the Binance exchange, has been facing a tough time in the crypto markets lately.
Despite a strong push from the bulls to drive the coin’s price higher from the $320-$325 region, the bears took over and sent the price tumbling down.
Now, BNB is looking to find support around the $300 mark as the market remains volatile.
As one of the top cryptocurrencies by market capitalization, Binance Coin has been 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 further downside for Binance Coin.
Binance Coin Price Analysis
Binance Coin’s price on CoinMarketCap stands at $312.46, with a slight dip of 0.29% in the past 24 hours. Unfortunately, this trend has persisted over the last seven days, with a decline of 4.35%, leaving investors anxious about the future direction of Binance Coin’s value.
Source: CoinMarketCap
Binance Coin’s value has been fluctuating between the $320 and $340 price points since its surge to $350 in mid-April.
However, over the past few days, the lower trendline support has been breached by the coin’s price, indicating a bearish trend in the market.
This breach was followed by a swift drop from $324 to $311, resulting in a loss of 4.39% in just 32 hours.
The current market conditions suggest that bears are in control of the Binance Coin’s price, which is a cause for concern for investors. The $309 and $301 price levels have been significant support cushions since February.
Binance Coin’s price movement analysis shows that the market remains volatile and unpredictable, leaving investors uncertain about the future direction of the coin’s value.
How BNB Bulls Are Reacting
Despite the recent bearish trend in the market, there is still hope for Binance Coin bulls to take control of the market and drive the coin’s value higher.
The first step towards a bullish trend is to reclaim the $320 price point, which has acted as a resistance level in recent weeks. If bulls manage to push the price above this level, the next resistance point would be at $340.
BNB market cap currently at $48 billion on the daily chart at TradingView.com
To regain bullish momentum, Binance Coin needs to see a significant surge in trading volume, which could signal renewed interest from investors.
Furthermore, positive news surrounding Binance exchange, such as the launch of new products or partnerships, could also provide a boost to the coin’s value.
-Featured image from Adventure Magazine