BNB revives its bullish strength as price soars above $290

BNB’s price rallies from a low of $250 to a high of $300. as the Bulls seize control of the price at the $300 demand zone

As the market experienced a price fall that affected the majority of crypto assets, Binance Coin (BNB) recently outperformed the prior week, rising from $250 to a weekly high of $300. 

The price continues to trade below the important region of interest that would draw the attention of several buyers despite the solace bounce from BNB (BTC).

 The FTX saga and other key investors’ domino effect has brought the market to a standstill because it has failed to make a significant move, which has caused a lot of worry about where the market might be heading. (According to Binance)

Price Analysis Of Binance Coin (BNB) On The Daily Chart

Many altcoins are fighting for survival as the prices of altcoins continue to decline in value, despite the uncertainty and instability that have damaged the price of Binance Coin (BNB) and the cryptocurrency market in general.

The price of Binance Coin (BNB) has plunged from a peak of $600 to a weekly low of $250, sparking anticipation that it will fall further lower, to between $200 and $150.

Due to the FTX debacle, BNB’s price fell from a weekly region of $400 to a region of $250. However, the price found some minor support to prevent the sell-off from reaching a new weekly low.

BNB’s price has reacted favorably, fending off a sell-off and rebounding from a low of $250 to rise to a high of $300, where the price encountered resistance breaking higher. For the possibility of a relief bounce to be viable, the price of BNB must remain above $310.

BNB price resistance for the week is $310.

After recently seeing a price decrease from $400 to $250, the price of BNB is still trading over $290, indicating that the price is still quite robust

Despite looking excellent and trying to break through and hold above the $305 daily price, which equates to the 50 and 200 EMA, BNB’s price is still struggling. For a short-term recovery bounce, the price of BNB has to rebound and trade above $310. If the BNB price is rejected below $270 and fails to flip to the region of $310, it may decline much more to the $200 and below range.

Conclusion 

Binance is the biggest crypto-centralized exchange in the world and has BNB as its native token.

It’s assured that BNB will continue to increase in price and possibly create a new ATH in the next bull run.