- Binance Coin has recovered almost 40% after hitting a new yearly low of $218.8 over the past 48 hours.
- Trading volume declined by 50% compared to the previous night, indicating the recognition of selling pressure.
- Binance Coin with bitcoin pair is trading at 0.009972 satoshis, which is slightly up by 0.44%.
On May 9, Binance (BNB) price escaped a four-month consolidation phase by declining to the $355 support level. The altcoin fell 21.8% to $261 in continued selling momentum. Thus, BNB was hit when BTC fell below $30,000 and it reached a new low of $218 in 2022 on May 12.
The conceptual round level-$200 is near the recent weekly low, therefore bulls are well managing the BNB cost above it, and now $22 Mark turned into the vital support level for them. On the other hand, the $335 seems to be a short-term bullish hurdle.
Entering an annual low, the daily price candlestick is reflecting the Dragonfly Doji candle, thus, BNB is on full view for a higher approach. Meanwhile, at the time of writing, the BNB token is trading at $293, down 3.7% over the past 24 hours according to CMC. Moreover, Binance Coin with bitcoin pair is trading at 0.009972 satoshis, which is slightly up by 0.44%.
The BNB investors are moving towards the round level of $300, which may act as short-term resistance. However, the trading volume dropped down by 50% over the last night, reflecting the detection of selling pressure
Traders eye on $300 mark
In terms of the daily price scale, Binance Coin is trading below the 20-day exponential moving average. Also, it can be a high barrier during bounce back.
Similarly, the daily RSI indicator is rallying back after dipping into the oversold zone.
If the bulls drive the price above $300 in the intraday trading session, it would indicate that the downside may be over. If the bulls manage to move above the ground level, a recovery could reach $413 thereafter
Support levels – $220 and $200
Resistance level – $300 and $350
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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