Tag: BNB
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Binance coin BNB back to safety as buyers now aim for $295
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Binance coin has recaptured crucial support at $266 after the latest crash
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The cryptocurrency was previously weighed by adverse publicity
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A recovery above $266 sets BNB to the next resistance at $295
Binance (BNB/USD) traded at $274 on Tuesday, slowing from a monthly high of $282 the previous day. BNB buyers would be delighted about how far the cryptocurrency has come since Binance began to be adversely mentioned.
Touching a low of $220 in mid-Dec, there were fears of further downside for BNB after the collapse of FTX. That’s particularly because, at the price level, BNB had lost crucial support at $266, which kept it stable. However, relentless buying has seen BNB recover to the level which now supports the price.
BNB price is at least now back to safety above $266. However, Binance’s woes seem to be far from over. The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act. The regulations mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.
BNB recovers above $266 support as price turns mildly bullish
A technical outlook gives BNB $295 as the likely price target. This is the next resistance zone, and BNB has in the past hit the target each time price has recovered above $266. The MACD indicator is shifting above the neutral zone, underlining a bullish momentum. Similarly, BNB trades above the moving averages. The 50-day MA could hold as the dynamic support, coinciding with the $266 level.
Is investing in BNB now a good idea?
A retest of the $266 support would open buy trades on the cryptocurrency. Investors should watch for bullish price action signals at the support to buy BNB and ride to the $295 resistance.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitvavo
The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.
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BNB prediction as price maintains a recovery
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Binance coin has been bearish since the FTX collapse
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The cryptocurrency trades on an upside at $255
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BNB faces resistance at $266, a crucial resistance level
While 2022 was largely bearish for almost every cryptocurrency, Binance (BNB/USD) was relatively stable. That’s not to mean that the cryptocurrency was bullish, but at least bears did not run riot as they did for most cryptocurrencies. It helped BNB hold strengths. At one time before the collapse of FTX, BNB neared the $400 price level. Since then, BNB has remained bearish. What happened?
The collapse of FTX ignited fears that no crypto exchange was too big to fail. Investors rushed to decentralised exchanges that benefited from huge outflows from centralised peers. Binance, the world’s largest centralised crypto exchange, was among the culprits of the shift. That sent the native token BNB tumbling to $220 by mid-Dec.
Further fears were heightened by Binance’s proof of reserves. As CoinJournal reported, an audit report raised questions showing that the exchange was not sufficiently collateralised. BNB has been suffering in the aftermath, although the latest recoveries are promising.
BNB is facing resistance at $266 after recent recoveries
BNB is mildly bullish on the daily chart. A bullish MACD crossover was initiated, supporting an improved momentum for the cryptocurrency. However, the MACD indicator is bearish. Bulls are yet to close above the neutral zone, which separates the bullish and bearish momentum.
BNB also trades below the resistance at $266. This is the level bulls defended strongly before the FTX-inspired crash. Therefore, the level is a key test for the bulls.
BNB price action next
A continuation of the current recovery could see BNB return to its former self and turn $266 into support. For this to happen, bulls must overcome the resistance and break higher.
On the flip side, bears will try to position themselves as the BNB price reaches $266. Already, there is some resistance developing below the resistance zone. A failed breakout will see bears try to force a correction. That could see BNB continue to consolidate below before buyers have another chance.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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