BNB recovers above a crucial level. Should we wait for a further bullish push?

2022-11-26 22:57

Binance token rose by 17% on Wednesday.

The crypto exchange announced HOOK token sale on Binance Launchpad.

BNB eyes $330 next and is a buy on a retracement

As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. BNB has defended the level since July, and a decline below it could have given bears absolute control. However, it is now not the case as BNB trades at $295, well above the crucial level. The cryptocurrency could be on course to the next level. So, what happened?

The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.

According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.

The latest development comes even as Binance continues to reassure users after the collapse of FTX. A Thursday announcement indicated that Binance would commit $1 billion to protect firms from the crypto meltdown. The crypto exchange is committed to increasing the amount if needed and will seek to enlist traditional financial firms. The fund comes after a raft of measures to reassure users of adequate reserves amid a crypto confidence crisis.

BNB price action as token hits a 2-week high

BNB/USD Chart by TradingView

BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.

A bullish MACD crossover has been initiated following the bullish push. Similarly, the RSI has moved above the midpoint, suggesting that BNB has attracted a lot of buyers after the breakout. The cryptocurrency is consolidating ahead of the next move.

Should you buy BNB now?

Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. The current consolidation could force a correction before the next bullish leg.

Where to buy BNB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today Disclaimer

Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy BNB with Bitpanda today

The post BNB recovers above a crucial level. Should we wait for a further bullish push? appeared first on CoinJournal.

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Binance Coin (BNB) на Currencies.ru

$ 666.04 (+0.09%)
Объем 24H $1.221b
Изменеия 24h: -0.41 %, 7d: -6.94 %
Cегодня L: $652.14 - H: $668.43
Капитализация $95.915b Rank 5
Цена в час новости $ 300.13 (121.92%)

bnb binance token start bearish buy eyes

Источник: coinjournal.net

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