Bears Drive Binance Coin Toward $300 Level As Bull Run Fizzles Out

Christian Encila

2 years ago

3 mins read

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Binance Coin (BNB), the native cryptocurrency of the Binance exchange, has been facing a tough time in the crypto markets lately.

Despite a strong push from the bulls to drive the coin’s price higher from the $320-$325 region, the bears took over and sent the price tumbling down.

Now, BNB is looking to find support around the $300 mark as the market remains volatile.

As one of the top cryptocurrencies by market capitalization, Binance Coin has been a favorite among traders and investors alike. However, the recent price action has left many wondering about the coin’s future prospects.

While some analysts remain optimistic about the coin’s long-term potential, others are cautious and suggest that the current market conditions could lead to further downside for Binance Coin.

Binance Coin Price Analysis

Binance Coin’s price on CoinMarketCap stands at $312.46, with a slight dip of 0.29% in the past 24 hours. Unfortunately, this trend has persisted over the last seven days, with a decline of 4.35%, leaving investors anxious about the future direction of Binance Coin’s value.

Source: CoinMarketCap

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

However, over the past few days, the lower trendline support has been breached by the coin’s price, indicating a bearish trend in the market.

This breach was followed by a swift drop from $324 to $311, resulting in a loss of 4.39% in just 32 hours.

The current market conditions suggest that bears are in control of the Binance Coin’s price, which is a cause for concern for investors. The $309 and $301 price levels have been significant support cushions since February.

Binance Coin’s price movement analysis shows that the market remains volatile and unpredictable, leaving investors uncertain about the future direction of the coin’s value.

How BNB Bulls Are Reacting

Despite the recent bearish trend in the market, there is still hope for Binance Coin bulls to take control of the market and drive the coin’s value higher.

The first step towards a bullish trend is to reclaim the $320 price point, which has acted as a resistance level in recent weeks. If bulls manage to push the price above this level, the next resistance point would be at $340.

BNB market cap currently at $48 billion on the daily chart at TradingView.com

To regain bullish momentum, Binance Coin needs to see a significant surge in trading volume, which could signal renewed interest from investors.

Furthermore, positive news surrounding Binance exchange, such as the launch of new products or partnerships, could also provide a boost to the coin’s value.

-Featured image from Adventure Magazine

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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