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.

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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.