Binance Coin (BNB) follows the broader crypto market trend

Binance Coin (BNB) follows the broader crypto market trend
фото показано с : invezz.com

2022-3-8 17:45

The price of Binance Coin (BNB/USD) has not been making any significant price movements. The current cryptocurrency market sentiment is uncertain; hence the prices have moved sideways over the past few weeks.

The price of BNB is currently showing signs of increased market volatility. At the time of writing, BNB was trading at $379.03, having gained 4.5% during the past week.

BNB’s bearish pressure is strong

BNB’s price has yet to make any bold uptrend during the past 24 hours. Any attempt to gain has been countered by a downtrend, and there is a possibility that the bearish pressure will push BNB towards further lows.

If BNB’s price pushes towards lower levels, it will go towards the lower support levels of $365. These levels could attract buyer support, but this will only last if the market support is strong, and currently, both buyer and market support are still relatively low.

If it fails to hold $365, the lower support levels of $320 could be on the way. This level will be achieved if the sellers decide to sell following the increased volatility across the market. Traders are currently exhibiting a confused market sentiment; hence any slight downtrend across the market can trigger selling pressure.

Bulls might come into play

The overall market might be bearish, but the price of BNB is yet to give in to a strong bearish trend. If the bulls jump in across the broader market, BNB will make a rally, which has been seen in the various intraday trading periods where the price of BNB has spiked in response to periods of increased volatility in the broader crypto market.

If the price of BNB heads towards an uptrend, it could test the higher resistance level at $385. It had tested this level during the past 24 hours, but its prices slumped shortly after. If it stays above this level, the token could test the higher resistance at $400. BNB managed to test the $400 levels earlier this month, and if it holds, an uptrend towards $425 could be achieved.

The post Binance Coin (BNB) follows the broader crypto market trend appeared first on Invezz.

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