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- Despite the fact that the Binance coin price has dropped below $500, major support levels below the market indicate that BNB will not go too far
- Binance is the world’s largest cryptocurrency exchange, trading tens of billions of dollars worth of assets every day
- The trend, when combined with the moving average, creates a substantial support level of $397.50
Despite the fact that the Binance coin price has dropped below $500, major support levels below the market indicate that BNB will not go too far. BNB has taken a breather after rising above $520 last week and is currently trading at $477. Despite the fact that the Binance coin (BNB/USD) has slowed in recent days, it is still 64% higher than it was a month ago. Furthermore, BNB can afford to decline another 17% while maintaining its technical strength. Despite the fact that the Binance exchange is being scrutinized by regulators in numerous countries, its native coin, BNB, has risen in tandem with the crypto market. This makes sense because higher prices boost market confidence, causing investors to expand their stake. The question of whether Bitcoin (BTC/USD) or Ethereum (ETH/USD) will be the next big thing among cryptocurrency investors is still being debated. The alternatives are unlimited with thousands of different coins and tokens to pick from, which helps the Binance coin price.
Binance is the world’s largest cryptocurrency exchange, trading tens of billions of dollars worth of assets every day. As a result, it makes little difference how individual assets perform against one another as long as the market as a whole remains healthy. And right now, the bitcoin market is experiencing its highest performance since May. While BNB is still much below its all-time high of $704.62, the crypto market’s fundamental outlook has been reinforced by the return of investor confidence. The technical picture has also substantially improved as a result of this. The Binance coin price has been in a definite increase for the last month, according to the daily chart. As a result, the trend line has risen to $398, barely over the 50-day moving average of $397.63. The trend, when combined with the moving average, creates a substantial support level of $397.50. Furthermore, the June high of roughly $430 is the immediate support ahead of $397.63.
Above the market, the $522.70 high from Thursday is the first significant resistance level. However, if BNB is able to clear this, there isn’t much stopping it from attacking May’s ATH. Of course, BNB is unlikely to increase by 50% on its own. And for this to happen, the broader market will have to build on recent gains and push higher in the direction of a new crypto market record market value. The trend implies the uptrend is maintained as long as the Binance coin continues above $397.63, and over $430.00, the prognosis is much brighter. The bullish outlook will be invalidated only if the price falls below $397.63.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
