After a choppy start to the year, Binance Coin (BNB) appears to be consolidating the price action around $350. The coin may be poised for a bullish rally. But downside risks remain quite real with sluggish sentiment in the market and a risk-off approach among investors. But can Binance Coin (BNB) actually rise once more? Here are some highlights:
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Since the start of the week, Binance Coin (BNB) has lost nearly 30% albeit some of those losses are recovering.
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The coin is also trading at around 50% from its all-time high in what has been a major decline.
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But consolidation around the $350 mark may suggest that more bullish action is coming in the near term.
Data Source: Tradingview.com
Binance Coin (BNB) – Fingers crossed for a bull run
The $350 mark has been one of the strongest support levels for Binance Coin (BNB). The price has been tested before and held strong. At the time of writing, BNB was trading at $370, up 6% in 24 hours.
As long as the price action plays out above that threshold, then we will likely see a bullish rise that could end BNB past $400.
However, if bulls cannot defend this position, then an ensuing sell-off will test the next support of $340, something that could put BNB to lows of nearly $200. Besides, downside risks in broader crypto remain quite pronounced with expected volatility in the near term.
Why this is the perfect time to buy Binance Coin (BNB)
There was a time not long ago when Binance Coin (BNB) was trading at well above $500. The recent market crash has given investors a nice dip to buy one of the most prominent crypto assets in the world. So, if you don’t own BNB yet, you will need to get in at $350 or thereabout right now.