Binance (BNB/USD) buyers continue to defend $266. The level has become a crucial zone, as the cryptocurrency has formed multiple bottoms. That gives buyers a real chance to thwart bear interest and move the cryptocurrency higher.
The stability of BNB comes when crypto exchange-related tokens are going south. As of press time, the FTX token trades at merely $22, nearly the lowest price of $21 in the year. Similarly, the Cypto.com token is trading near its yearly lows. BNB trades at $272, up from its yearly lows of $184, cementing the status as a stable exchange-linked coin.
Of course, Binance ranks as the largest crypto exchange, and it is easy to see why. In September, the crypto exchange saw increased trading volumes despite cryptocurrency prices falling sharply. The rise in volumes followed the exchanges’ move to remove trading fees on popular crypto pairs.
With the stability of Binance, bulls have been relentless as the token hit $266. A technical outlook shows that $300 remains a realistic target if the bear market does not worsen further.
BNB holds $266 support intact amid a bear market
Source – TradingView
Technically, BNB remains stable at or slightly above $266 support. However, the RSI reading is below the midpoint suggesting that bears have the upper hand. Should sentiment remain, bulls could push the price back to the $300 resistance.
On the flip side, a further bear market could allow bears to push the price lower to $244.
Concluding thoughts
On a balance of probabilities, a bull case is stronger for BNB based on the stability of the price at support. Bears are also active, giving a potential consolidation scenario for BNB at or around $266. BNB buyers can take a chance at the current level but monitor price action and sentiment since a lower price is still possible.