Analysis

Should you buy BNB at the current $215 support level?

  • BNB faces bearish stress at a key help stage

  • The token is down 68% from its ATH

  • Crypto market underneath bearish momentum, BTC trades underneath $20,000.

Binance’s (BNB/USD) has remained subdued amid an prolonged bearish momentum within the sector. The token is presently buying and selling at $215.35, after a 3.4% decline previously day and a ten.72% drop previously week, as per CoinMarketCap. Comparatively, the flagship token, bitcoin, has tanked 10.96% previously week, whereas Ethereum is down 15.41%. Are we about to see a development reversal within the native Binance token, or can it commerce decrease?

The continued international enlargement by Binance has accomplished little to spice up the adoption of the native BNB token, which was initially meant for discounting charges. BNB Chain’s auto-burn token mechanism, which noticed Binance burn over 1.8 million BNB tokens in April, is but to spice up the worth of the cryptocurrency.

The previous worth knowledge from CoinMarketCap exhibits that the BNB token is on a downward development. Prior to now month, the token has dropped 28.7% from a excessive of $303. The three-month worth outlook exhibits a decline of 51% from $444. The token has equally plunged 68% from its all-time excessive of about $675.

BNB finds help at $215

Supply: Tradingview

In keeping with the every day chart outlook above, BNB token is wanting bearish. The token is presently buying and selling on the help stage, having turned the $327 worth stage into resistance. The 20 and 50-day transferring averages provide resistance to the upside, exhibiting potential areas of consolidation in case of a development reversal. Furthermore, with the RSI at 36, BNB could possibly be set for a short-term upward development reversal.

Total, the present worth stage could make an excellent purchase entry however with the affirmation of a bullish worth sign. We suggest that traders stay affected person with worth motion alerts earlier than shopping for on the present stage. A drop under $215 may open additional weak spot, and the token can go decrease.

Abstract

BNB token stays largely subdued amid a bearish sentiment within the cryptocurrency sector. Nevertheless, traders can profit from short-term worth actions earlier than the sentiment modifications. Merchants ought to wait till the token has cleared above the $215 stage earlier than going lengthy.

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