Binance Coin Recovers Support Despite Market Selloff

Binance-Coin-Recovers-Support-Despite-Market-Selloff
  • Binance Coin has retaken its $250 support level.
  • Bulls need to resume the uptrend until $270 to prevent BNB from entering a consolidation phase.
  • BNB’s 24-hour trading volume is good compared to ADA and SHIB.

Binance Coin (BNB) has retaken its crucial support level at $250 despite the recent crypto market selloff. At the time of writing, BNB is trading comfortably above the $255-$260 price range.

BNB/USDT 4-hr chart (source: TradingView)

As manifested by the chart above, BNB bulls have stepped up to prevent the crypto from falling below $240. Specifically, the chart displayed at least six all-green candlesticks after BNB hit just below the $240 price level, which is just found right above the 200-day simple moving average (SMA).

Meanwhile, BNB price is trading within the 50-day SMA. For scalpers, the succeeding next hours will determine whether BNB will continue its ascent back into the $270-$280 resistance zone.

Conversely, if BNB fails to resume its uptrend, it may enter a consolidation phase from $245-$260. Bulls need to prevent this from happening since this also means that BNB will have a chance to go back to the $220-$230 price range.

Fortunately, the Relative Strength Index (RSI) is at 55, which means that BNB is neither oversold nor overbought. Bulls will have more confidence in accumulating BNB to counter the selling pressure from the bears.

BNB is also generating a decent amount of trader interest. At the time of writing, the 24-hour trading volume is nearly $1 billion. This is considerably high, given that other altcoins with huge social media presence like Cardano (ADA) and Shiba Inu (SHIB) have only $654 million and $325 million, respectively.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.