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CRYPTO NEWS DESK — 2022-11-16

Binance Coin Shows Weakness As Price Sits On Key Support; Is $200 Possible?


 BNB's price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.  BNB's price continues to show strength after a bearish downtrend with the market's current state, as things look uncertain for most traders and investors.  BNB's price continues to hold $270 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA) The price of Binance Coin (BNB) has been a standout performer in recent weeks


Binance Coin Shows Weakness As Price Sits On Key Support; Is $200 Possible?

 BNB's price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.  BNB's price continues to show strength after a bearish downtrend with the market's current state, as things look uncertain for most traders and investors.  BNB's price continues to hold $270 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA) The price of Binance Coin (BNB) has been a standout performer in recent weeks rallying from a low of $280 to a high of $390 before facing rejection due to the current market state that has affected most crypto projects. The crypto market has seen some drastic shift in sentiment, with Binance Coin (BNB) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Previous months saw the price of most altcoins trend higher as many produced gains of over 200%, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)
Binance Coin (BNB) Price Analysis On The Weekly Chart The crypto space has seen a lot of turbulence in the last few days, with many altcoins struggling to show strength after losing key support that was holding off price declines.
The current market uncertainty has caused traders and investors to be hesitant to purchase altcoins, as there is no guarantee that they will rise in value any time soon.
The news of other exchanges being in the mix of the FTX saga has raised more fears as many investors and traders shy away from investing in some projects, including the price of BNB suffering some major prices as it lost its support of $300.
BNB's price declined to a weekly low of $260 before bouncing off this region, showing some great strength to a region of $275 as the price aims to break higher.

— jamesobande of NewsBTC - Bitcoin & cryptocurrency news today, price & technical analysis

Keywords: Technical Analysis, Binance Coin, BNB, BNB Price



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