Native token of Binance, the world’s largest cryptocurrency trading platform BNBThe stock fell after a rumor spread that US officials would launch a new investigation into the stock market. Binance denied these rumors.
BNB, the fourth largest cryptocurrency according to CoinMarketCap data, started the first day of the week with a 3% depreciation. Binance Coin In the previous week, it had decreased by 2.54%.
BNB Technical Analysis
Binance Coin (BNB)In the first week of November, it had risen to $ 400 due to the pricing of the giant stock market’s acquisition of FTX. However, with Binance boss CZ giving up on the purchase and the bankruptcy of the FTX exchange, BNB dropped to $ 250.
BNB has recently become a psychological border $300 Although it exceeded the resistance, it was withdrawn again due to selling pressure. Binance Coin as of now 276$ level is traded.
Although the first major horizontal support for BNB is at $258.9, the cryptocurrency is currently in a critical position.
Many traders use the 200-day moving average to identify the main trend. 200-day moving average (MA 200) Currently at $278, BNB is falling back below this critical indicator.
Major supports to watch if BNB fails to rise above the MA 200 line later in the week $259 and at $242 exists. The resistors are $298 and $329$ at levels.
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