Connect with us
Active Currencies 10198
Market Cap $1,201,699,355,684.60
Bitcoin Share 44.64%
24h Market Cap Change $1.38

Binance Coin [BNB]: Can bulls pull off a rally from this support level

2min Read

BNB’s selling pressure cooled off at the $303 support level, offering an opportunity for a bullish reversal.

Binance Coin [BNB]: Can bulls pull off a rally from this support level

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Collection of top AI tools to use for different tasks.


  • Bulls looked to rally from the $303 support level.
  • BNB’s Market Value to Realized Value stood at -0.51% at press time.

Bitcoin’s [BTC] dip under the $27k level propelled further selling pressure across the crypto market. The support level at $318 failed to hold for Binance Coin [BNB], with sellers driving the price to the next support level at $303.

Is your portfolio green? Check the Binance Coin Profit Calculator

The $303 support level served as a rallying point for bulls on 4 April. It remains to be seen if the level can hold again and act as a springboard for a bullish reversal.

BNB bounces off key support level

Source: BNB/USDT on Trading View

BNB has been on a downward trend on the four-hour timeframe since 1 May, after prices retested the bearish order block between $338 and $345. This dip pushed prices below the $318 support level before the selling pressure cooled off at the $303 support level.

Price action around the $303 support level suggested the possibility of a bullish reversal. The bearish four-hour candle at the support level closed just slightly above it. This was immediately followed by two bullish candles in a row, with bulls looking to defend the support level.

The RSI responded by climbing out of the oversold zone and it stood at 35.2, as of press time. The OBV also recorded a slight uptick to signal more volume for BNB.

An increase in volume and buying pressure will see bulls target the $318 resistance in the short term. An ambitious target will be the bearish order block zone just below the $350 resistance level. Alternatively, sellers could continue the downward slide if the price closes below the $303 support level.

Read Binance Coin’s [BNB] Price Prediction 2023-2024

Market speculators remained uncertain

Source: Santiment

Data from Santiment showed that the Market Value to Realized Value (MVRV) for BNB stood at -0.51%, as of the time of writing. This signaled that BNB might be close to the bottom of the current downward trend, offering potential short-term buying opportunities.

However, funding rates remained negative. This hinted that BNB might still register some downside from its current level before an upward trend.

Source: Coinalyze


Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.