BNB recovers above a crucial level. Should we wait for a further bullish push?

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

BNB recovers above a crucial level. Should we wait for a further bullish push?

By Motiur Rahman - min read
  • Binance token rose by 17% on Wednesday.

  • The crypto exchange announced HOOK token sale on Binance Launchpad.

  • BNB eyes $330 next and is a buy on a retracement

As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. BNB has defended the level since July, and a decline below it could have given bears absolute control. However, it is now not the case as BNB trades at $295, well above the crucial level. The cryptocurrency could be on course to the next level. So, what happened?

The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.

According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.

The latest development comes even as Binance continues to reassure users after the collapse of FTX. A Thursday announcement indicated that Binance would commit $1 billion to protect firms from the crypto meltdown. The crypto exchange is committed to increasing the amount if needed and will seek to enlist traditional financial firms. The fund comes after a raft of measures to reassure users of adequate reserves amid a crypto confidence crisis.

BNB price action as token hits a 2-week high

BNB/USD Chart by TradingView

BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.

A bullish MACD crossover has been initiated following the bullish push. Similarly, the RSI has moved above the midpoint, suggesting that BNB has attracted a lot of buyers after the breakout. The cryptocurrency is consolidating ahead of the next move.

Should you buy BNB now?

Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. The current consolidation could force a correction before the next bullish leg.

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