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Binance Coin has been bearish since the collapse of FTX
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The cryptocurrency is trading with upside at $255
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BNB is facing resistance at $266, an important resistance level
While 2022 was largely bearish for almost every cryptocurrency, Binance (BNB/USD) was relatively stable. That doesn’t mean the cryptocurrency was bullish, but at least the bears didn’t run riot like they did for most cryptocurrency, This helped strengthen BNB. At one point before the collapse of FTX, BNB reached close to the $400 price level. Since then, BNB has been bearish. What happened?
The collapse of FTX ignited fears that no crypto exchange was too big to fail. Investors flocked to decentralized exchanges, which benefited from massive outflows from centralized peers. Binance, the world’s largest centralized crypto exchange, was one of the culprits of this change. This pushed native coin BNB down to $220 by mid-December.
Further apprehensions were fueled by Binance’s proof of stores. as CoinJournal Reported, an audit report raised questions showing that the exchange was not adequately collateralised. BNB has been suffering of late, although the latest recovery is promising.
BNB facing resistance at $266 after recent recovery
BNB is slightly bullish on the daily chart. A bullish MACD crossover was triggered, supporting an uptrend for the cryptocurrency. However, the MACD indicator is bearish. The bulls are yet to close above the neutral zone, which separates bullish and bearish momentum.
BNB is also trading below the $266 resistance. This is a level the bulls have staunchly defended before the FTX-induced crash. Therefore, level is an important test for 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, the bulls must overcome resistance and break higher.
On the other hand, the bears will try to position themselves as a bnb price reaches $266. There is already some resistance developing below the resistance zone. In a failed breakout the bears will attempt to force a correction. This could see BNB continue to consolidate below before buyers have another chance.
where to buy bnb
eToro
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binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited for more experienced investors and it offers a large number of cryptocurrencies to choose from, over 600. Binance is also known for its low trading fees and multiple trading options that its users can benefit from, such as; Peer-to-Peer Trading, Margin Trading and Spot Trading.
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