After a stellar start to the year, Binance Coin (BNB) It looks like the price action is consolidating near $350. The coin may be ready for a bullish rally. But the downside risks are quite real with sluggish market sentiment and a risk-off outlook among investors. But can Binance Coin (BNB) really rise once again? Here are some highlights:
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Binance Coin (BNB) has lost around 30% since the start of the week, although some of those losses are recovering.
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The coin is also trading at around 50% from its all-time high which has been a major drop.
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But a consolidation near the $350 mark could signal that more bullish action will take place in the near term.
Data Source: Tradingview.com
Binance Coin (BNB) – Fingers Crossed for Bull Run
The $350 mark has been one of the strongest support levels for Binance Coin (BNB). Price has been tested before and held strong. At the time of writing, BNB is trading at $370, up 6% in 24 hours.
As long as the price action holds above that range, we will see a bullish rise that could propel BNB above $400.
However, if the bulls are unable to defend this position, the upcoming selloff will test the next support at $340, something that could drive BNB towards lows near $200. Furthermore, downside risks are quite evident in the broader crypto with volatility expected in the short term.
Why It’s the Right Time to Buy Binance Coin (BNB)
Not so long ago, Binance Coin (BNB) was trading above $500. The recent market crash has given investors a decent dip in buying one of the world’s most prominent crypto assets. Therefore, if you do not have BNB yet, you will need to enter $350 or so now.