- Binance Coin (BNB) was up 4.15% to lead the crypto top ten majors in a choppy morning session.
- Native coin to the Binance exchange, BNB has found strong support since falling to a May 12 current-year low of $206.62.
- Technical indicators are still bearish for BNB, with BNB sitting below the 50-day.
On Wednesday, Binance Coin (BNB) slid by 6.06%. Reversing a 3.04% gain from Tuesday, BNB ended the day at $287.
Fed Chair Powell’s comments on monetary policy left BNB and the broader crypto market in the red.
Since the Wednesday pullback, crypto appetite has improved. Despite risk aversion plaguing the global equity markets for a second consecutive day, BNB found strong support through this morning’s session.
Binance Stays Ahead of Terra Collapse with Expansion Plans Unaffected
Last week, Binance was decisive in delisting TerraUSD (UST) and Terra LUNA. Unlike several other exchanges, Binance pre-warned users of a delisting should certain events prevail. The delisting took place shortly after a LUNA drop to below 0.005Tether (USDT).
Since the delisting, Binance moved on with its expansion plans that include a strategic move into Germany.
The Binance team was in Hamburg on Wednesday, networking with the crypto community attending Finance Forward.
— Binance (@binance) May 18, 2022
Following the crypto events of last week, investors will be looking to draw a line in the sand. With the global equity markets at the mercy of the Fed, some will be hoping that today’s early breakout signals a decoupling from more traditional asset classes.
Binance Coin (BNB) Price Action
At the time of writing, BNB was up 4.15% to $299. A bullish start to the day saw BNB strike an early morning high of $302 before easing back.
The First Major Resistance Level at $302 pegged back BNB.
BNB will need to avoid the day’s $294 pivot to target the First Major Resistance Level at $302 for a second time. BNB would need broader crypto market support for a return to $300.
An extended rally would test the Second Major Resistance Level at $316 and resistance at $320. The Third Major Resistance Level sits at $337.
A fall through the pivot would bring the First Major Support Level at $280 into play. Barring another extended sell-off, BNB should avoid sub-$275. The Second Major Support Level sits at $272.
Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bearish signal. BNB sits below the 50-day EMA, currently at $304. This morning, the 50-day EMA flattened on the 100-day EMA, providing support. The 100-day EMA fell back from the 200-day EMA; BNB price negative.
A move through the 50-day EMA would support a run at $320.