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binance (BNB/USD) is trading at $273.7. The trade came after the cryptocurrency fell to $257 on Thursday. Since then, BNB has been on a bullish trail that could attract buyers. But first, let’s take a quick overview.
BNB has been bearish over the past week, remaining down 2% in the seven days to Friday. About a week ago, Binance Chan was expelled, transferring over $100 million in assets. The hack was a bearish trigger as the price of BNB is falling.
Binance has since released an update that fixes a cross-chain issue that may have led to the exploit.Recently, coin journal report The developer has released a temporary patch v1.1.16. Fix the cross-chain infrastructure of BNB Beacon Chain and BNB Smart Chain. This patch also resumes cross-chain communication that was stopped by the attack.
BNB again succumbed to pressure after inflation data on Thursday, pushing the token below the $267 support. His better-than-expected rise in inflation to 8.2% has increased the likelihood that the Fed will raise rates in his November. It looks like the bulls are bucking the flash crash and the current price action at the support.
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Source TradingView
The technical outlook for BNB shows a bullish pinbar with support at $267. The token is on the rise, but remains cautious due to weak price momentum. The MACD indicator is in the bear zone. Similarly, the moving averages offer resistance above.
BNB buyers are defending $267, giving the cryptocurrency a real chance to rise. But before you buy, you’ll have to wait for critical support to build momentum. A bullish reversal signal or a retest of the support zone with continued improvement in sentiment could attract buyers.
