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Binance Coin (BNB), the native cryptocurrency of the Binance exchange, has been having a hard time in the cryptocurrency markets lately.
Despite strong pressure from the bulls to lift the price of the coin from $320-$325, the bears took over and sent the price down.
BNB is now looking to find support near the $300 mark as the market remains volatile.
As one of the top cryptocurrencies by market cap, Binance Coin is popular with both traders and investors. However, the recent price action has made many think about the future prospects of the coin.
While some analysts remain optimistic about the long-term potential of the coin, others are cautious and suggest that current market conditions could see Binance Coin drop further.
Binance Coin Price Analysis
Binance Coin price on CoinMarketCap is $312.46 with a slight drop of 0.29% in the last 24 hours. Unfortunately, this trend has continued over the past seven days, with a 4.35% decline, leaving investors worried about the future direction of Binance Coin’s value.
Source: CoinMarketCap
Binance Coin has fluctuated between the $320 and $340 price levels since its rise to $350 in mid-April.
However, over the past few days, the lower trendline support has been broken by the price of the coin, indicating a bearish trend in the market.
This breach was followed by a rapid drop from $324 to $311, resulting in a 4.39% loss in just 32 hours.
The current market conditions suggest that the bears are in control of the price of Binance Coin, which is causing concern among investors. Price levels of $309 and $301 have been a significant cushion of support since February.
An analysis of the Binance Coin price movement shows that the market remains volatile and unpredictable, which is why investors are not sure about the future direction of the coin’s value.
How BNB bulls react
Despite the recent bearish trend in the market, there is still hope that the Binance Coin bulls will take control of the market and drive up the value of the coin.
The first step towards a bullish trend is the recovery of the $320 price mark, which has acted as a resistance level in recent weeks. If the bulls manage to push the price above this level, the next resistance point will be at $340.
The market capitalization of BNB is currently $48 billion on the daily chart of TradingView.com.
To regain bullish momentum, Binance Coin needs to see a significant increase in trading volume, which could signal renewed interest from investors.
In addition, positive news related to the Binance exchange, such as new product launches or partnerships, can also boost the value of the coin.
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