Bears Push Binance Coin Again To $300 Stage Amid Failed Bull Run

Binance Coin (BNB), the native cryptocurrency of the Binance alternate, has been dealing with a tricky time within the crypto markets these days.

Regardless of a robust push from the bulls to drive the coin’s worth larger from the $320-$325 area, the bears took over and despatched the worth tumbling down. 

Now, BNB is trying to discover assist across the $300 mark because the market stays unstable.

As one of many prime cryptocurrencies by market capitalization, Binance Coin has been a favourite amongst merchants and buyers alike. Nonetheless, the current worth motion has left many questioning concerning the coin’s future prospects. 

Whereas some analysts stay optimistic concerning the coin’s long-term potential, others are cautious and counsel that the present market circumstances might result in additional draw back for Binance Coin.

Binance Coin Worth Evaluation

Binance Coin’s worth on CoinMarketCap stands at $312.46, with a slight dip of 0.29% up to now 24 hours. Sadly, this development has continued over the past seven days, with a decline of 4.35%, leaving buyers anxious concerning the future route of Binance Coin’s worth.

Supply: CoinMarketCap

Binance Coin’s worth has been fluctuating between the $320 and $340 worth factors since its surge to $350 in mid-April.

Nonetheless, over the previous few days, the decrease trendline assist has been breached by the coin’s worth, indicating a bearish development out there.

This breach was adopted by a swift drop from $324 to $311, leading to a lack of 4.39% in simply 32 hours.

The present market circumstances counsel that bears are in control of the Binance Coin’s price, which is a trigger for concern for buyers. The $309 and $301 worth ranges have been vital assist cushions since February. 

Binance Coin’s worth motion evaluation exhibits that the market stays unstable and unpredictable, leaving buyers unsure concerning the future route of the coin’s worth.

How BNB Bulls Are Reacting

Regardless of the current bearish development out there, there’s nonetheless hope for Binance Coin bulls to take management of the market and drive the coin’s worth larger.

Step one in the direction of a bullish development is to reclaim the $320 worth level, which has acted as a resistance stage in current weeks. If bulls handle to push the worth above this stage, the subsequent resistance level could be at $340.

BNB market cap at present at $48 billion on the each day chart at TradingView.com

To regain bullish momentum, Binance Coin must see a significant surge in buying and selling quantity, which might sign renewed curiosity from buyers.

Moreover, constructive information surrounding Binance alternate, such because the launch of latest merchandise or partnerships, might additionally present a lift to the coin’s worth.

-Featured picture from Journey Journal