Binance Coin (BNB) Bulls And Bears Tussle At $290; Here Is What To Expect

• BNB’s price struggles as price hold above $290 to maintain the bullish sentiment
• BNB’s price remains strong as bulls dominate the market; the price fails to break and close above $320 with so much uncertainty in the market
• BNB’s price trades below get the 200 Exponential Moving Average as the price continues in bearish movement (EMA)

The price action displayed by Binance Coin (BNB) has been a show to watch, outperforming the likes of Ethereum (ETH) and Bitcoin (BTC) in recent times.

In the high timeframe, the price of Binance Coin (BNB) looks strong, with a probable result of an uptrend movement if the market remains optimistic. 

Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Despite the relief bounce across the market, with the price of BNB rallying from a weekly low of $260 to a high of $310, the crypto market remains uncertain and turbulent, affecting the price of BNB. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

BNB’s price had a weekly close below a crucial area of $350 after showing so much strength rallying from a weekly low of $260 to a high of $310 as the price was unable to break above $350. 

After BNB’s price declined from a high of $390 to a region of $260, the price has struggled to regain such strength with more speculation of price retesting the region of $200.

Weekly resistance for the price of BNB – $350.

Weekly support for the price of BNB – $260.

The price of BNB remains considerably strong in the daily timeframe after closing below $290. With BNB’s price unable to break and close above $350, there are growing chances of price retesting the regions of $200 if the market persists in this state.

BNB’s price currently trades at $293 below 200 EMA, acting as resistance for the price of BNB from trading higher. The price of BNB needs to break above $350 for the price of BNB to kickstart the price recovery plan.

Daily resistance for the BNB price – $350.

Daily support for the BNB price – $290.