BNB prediction as price maintains a recovery

$MCADE presale is now live!
$MCADE presale is now live!

BNB prediction as price maintains a recovery

By Motiur Rahman - min read
  • Binance coin has been bearish since the FTX collapse 

  • The cryptocurrency trades on an upside at $255 

  • BNB faces resistance at $266, a crucial resistance level

While 2022 was largely bearish for almost every cryptocurrency, Binance (BNB/USD) was relatively stable. That’s not to mean that the cryptocurrency was bullish, but at least bears did not run riot as they did for most cryptocurrencies. It helped BNB hold strengths. At one time before the collapse of FTX, BNB neared the $400 price level. Since then, BNB has remained bearish. What happened?

The collapse of FTX ignited fears that no crypto exchange was too big to fail. Investors rushed to decentralised exchanges that benefited from huge outflows from centralised peers. Binance, the world’s largest centralised crypto exchange, was among the culprits of the shift. That sent the native token BNB tumbling to $220 by mid-Dec. 

Further fears were heightened by Binance’s proof of reserves. As CoinJournal reported, an audit report raised questions showing that the exchange was not sufficiently collateralised. BNB has been suffering in the aftermath, although the latest recoveries are promising. 

BNB is facing resistance at $266 after recent recoveries

BNB/USD Chart by TradingView

BNB is mildly bullish on the daily chart. A bullish MACD crossover was initiated, supporting an improved momentum for the cryptocurrency. However, the MACD indicator is bearish. Bulls are yet to close above the neutral zone, which separates the bullish and bearish momentum. 

BNB also trades below the resistance at $266. This is the level bulls defended strongly before the FTX-inspired crash. Therefore, the level is a key test for the bulls. 

BNB price action next

A continuation of the current recovery could see BNB return to its former self and turn $266 into support. For this to happen, bulls must overcome the resistance and break higher. 

On the flip side, bears will try to position themselves as the BNB price reaches $266. Already, there is some resistance developing below the resistance zone. A failed breakout will see bears try to force a correction. That could see BNB continue to consolidate below before buyers have another chance.

Where to buy BNB

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BNB with eToro today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy BNB with KuCoin today