Binance (BNB/USD) defends $267 support. Should you buy it?
Binance (BNB/USD) trades at $273.7. The trading happened after the cryptocurrency fell to $257 on Thursday. BNB has since left a bullish trail that could interest buyers. But first, let’s look at a short brief.
For the past week, BNB has been bearish and remains 2% down in the seven days to Friday. About a week ago, Binance Chan was drained, with over $100 million of assets getting moved. The hack was a bear trigger as BNB price has been falling.
Binance has since released an update to fix the cross-chain issue that could have led to the exploit. Recently, CoinJournal reported that the developers had released a temporary patch, v1.1.16. It will fix the BNB Beacon Chain and BNB Smart Chain cross-chain infrastructure. The patch also re-starts the cross-chain communication halted by the attack.
BNB succumbed to bear pressure again on Thursday after inflation data, pushing the token below the $267 support. A higher-than-expected 8.2% jump in inflation raised prospects that the Federal Reserve could hike rates in November. Bulls seem to defy the flash crash, going by the current price action at the support.
BNB surges above $267 support as price recovers
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Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
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Source – TradingView
A technical outlook of BNB shows a bullish pin bar at the $267 support. The token is pushing higher, but we remain cautious due to the weak momentum of the price movement. The MACD indicator is in the bear zone. Similarly, the moving averages offer resistance above.
What way, BNB?
BNB buyers are defending $267, giving the cryptocurrency a real chance to go higher. However, we should wait for momentum to build at the key support before buying. A retest of the support zone followed by bullish reversal signals or improved sentiment could attract buyers.