Binance coin BNB back to safety as buyers now aim for $295
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Binance coin has recaptured crucial support at $266 after the latest crash
The cryptocurrency was previously weighed by adverse publicity
A recovery above $266 sets BNB to the next resistance at $295
Binance (BNB/USD) traded at $274 on Tuesday, slowing from a monthly high of $282 the previous day. BNB buyers would be delighted about how far the cryptocurrency has come since Binance began to be adversely mentioned.
Touching a low of $220 in mid-Dec, there were fears of further downside for BNB after the collapse of FTX. That’s particularly because, at the price level, BNB had lost crucial support at $266, which kept it stable. However, relentless buying has seen BNB recover to the level which now supports the price.
BNB price is at least now back to safety above $266. However, Binance’s woes seem to be far from over. The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act. The regulations mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.
BNB recovers above $266 support as price turns mildly bullish
BNB/USD Chart by TradingView
A technical outlook gives BNB $295 as the likely price target. This is the next resistance zone, and BNB has in the past hit the target each time price has recovered above $266. The MACD indicator is shifting above the neutral zone, underlining a bullish momentum. Similarly, BNB trades above the moving averages. The 50-day MA could hold as the dynamic support, coinciding with the $266 level.
Is investing in BNB now a good idea?
A retest of the $266 support would open buy trades on the cryptocurrency. Investors should watch for bullish price action signals at the support to buy BNB and ride to the $295 resistance.
Where to buy BNB
AvaTrade
Ava Financial Ltd operates the AvaFX and AvaTrade forex brands and all business associated with them. The company has a branch office in Dublin, Ireland, which enabled it to get an operational license from the Irish authorities.
Eightcap
Eightcap is a global online trading provider headquartered and regulated in Australia. With 5 offices across the globe we provide clients all over the world with the ability to trade a broad range of markets across Cryptocurrencies, FX, Indices, Shares and Commodities.
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