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Binance Is Slowly Falling After Reaching $315
Cryptocurrencies have never had a positive catalyst for price increases
BNB faces drop to $266 support zone
binance (BNB/USD) continues to consolidate, but has fallen short-term after hitting minor resistance. At the time of writing, BNB is trading at $289 and is looking increasingly bearish. Investors are currently looking for a possible bottom at $266.
BNB’s fall comes amid limited fundamentals to support the cryptocurrency. Across general sectors, the market is mixed. Cryptocurrency Under consolidation. This underscores that BNB’s price action mirrors the sector’s price action, with investors still reeling from the impact of FTX. Binance’s assurance of stability has at least supported BNB, but its recent modest rally means investors are cautious.
The deal comes at a time of bitter exchanges between Binance CEO Changpeng ‘CZ’ Zhao and former FTX head Sam Bankman-Fried. The Twitter exchange related to Binance’s withdrawal from its FTX investment in 2021. Bankman-Fried accused CZ of demanding an additional $75 million in kickbacks. CZ calls SBF “crooks” and is looking for those responsible for the FTX implosion. Of course, exchanges undermine confidence in an already depleted market, as investors don’t know which exchange will be next.
Technically, BNB is somewhat bearish. The RSI is at the midpoint, meaning the bulls are as muscular as the bears. However, the MACD indicator shows that momentum is waning. Similarly, the MACD and signal line are in the neutral zone.
Limited foundation to support BNB price If the confidence crisis continues, the token could fall further. The price action supports a drop to the next support at $266.
However, as the RSI and MACD readings show, buyers are relentless. For BNB to continue its uptrend, the price needs to recover above $315. But apparently, ambitions may have to be shelved until a later date.
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