Bulls cannot afford to give up $300
- Binance Coin price is around $304, just in the green over the 24-hour time frame.
- BNB recently rejected from the $340 resistance area.
- Bears could target $260 if they take control below the psychologically important $300 level.
Most coins are flat as bulls find it difficult to get bears off their backs, with the total crypto market just 1.2% up in the past 24 hours at $1.12 trillion.
The outlook has Binance Coin hovering around $304 after a slight bounce off lows of $297. Binance’s native coin is indeed in the red this past week at -3.6%.
The latest downturn for the BNB value also has it just in negative territory over the monthly time frame.
BNB price analysis: Why is $300 key for bulls?
Binance Coin price broke out from below a key horizontal resistance line at the beginning of the year and today’s bounce from under $300 is indicative of resilience. However, bulls have not had a strong move since the failed breakout and the rejection around $340.
Before the huge FTX-triggered declines in November 2022, BNB had rejected from the horizontal line twice.
Binance Coin price chart. Source: TradingView
While sideways trading has characterized the last few weeks, the breakdown from the identified resistance has BNB poised near the psychologically important $300. This area is very important to bulls, given the potential for market sentiment to inject volatility in the short-term.
Also, the 50 and 200 day moving averages (EMAs) are key levels to watch. If bears take the upper hand at this zone, its over for bulls as the next major support area would be around $260.
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