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Binance Coin Is Bearish Since FTX Collapse
Cryptocurrency is trading upwards at $255
BNB faces resistance at $266, a key resistance level
2022 was bearish for almost all cryptocurrencies, but Binance (BNB/USD) was relatively stable.This doesn’t mean cryptocurrencies were bullish, but at least the bears didn’t riot like most CryptocurrencyBNB has helped me stay strong. For a period before FTX collapsed, BNB was close to the $400 price level. Since then, BNB has remained bearish. What’s wrong?
The FTX demise ignited concerns that no cryptocurrency exchange was too big to fail. Investors have flocked to decentralized exchanges, which have benefited from massive outflows from centralized peers. Binance, the world’s largest centralized cryptocurrency exchange, was one of the culprits of this shift. This caused his BNB in native tokens to drop to $220 by mid-December.
Binance’s Proof of Reserves raised further concerns.as a coin journal reportan audit report raised questions indicating the exchange is not well-collateralized.BNB has suffered since, but its recent recovery looks promising.
BNB is slightly bullish on the daily chart. Bullish His MACD Crossover Has Launched, Improving Crypto Momentum. However, the MACD indicator is bearish. Above the neutral zone that divides the momentum between the bulls and the bears, the bulls have not yet closed.
BNB is also trading below the $266 resistance. This is a heavily defended level bull before an FTX-inspired crash. Level is therefore an important test for bulls.
If the current recovery continues, BNB could return to its former self and turn $266 into support. For this to happen, the bulls need to overcome resistance and break higher.
Conversely, bears BNB price Reaches $266. Already, we are seeing some resistance below the resistance zone. If the breakout fails, the bears will try to force a correction. BNB may continue to consolidate below before buyers get another chance.
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