Yahoo Finance Binance Coin (BNB) Finds Morning Support to Lead the Crypto Top Ten
Key Insights:
Binance Coin (BNB) was up 4.21% to lead the crypto top ten majors in a bullish Monday morning session.
Native coin to the Binance exchange, BNB, is up 61% from a May 12 current-year low of $206.62 to this morning’s $332.6.
Technical indicators are turning bullish for BNB, with BNB sitting above the 100-day.
On Sunday. Binance Coin (BNB) rose by 2.30%. Following a 3.29% gain on Saturday, BNB ended the week up 2.27% to $319.15. BNB was the only top ten crypto to end the week ending May 22 in positive territory. Investor sentiment towards the Binance exchange and future prospects contributed to the upward trend.
Since a May 12 current year low of $206.62, BNB was up 61% to this morning’s $332.6.
Binance Exchange Well Placed to Weather any Crypto Storm
Investor sentiment towards Binance exchange and its expansion plans in the Middle East has driven demand for BNB.
Adding to BNB demand is the platform’s interest in supporting developers and projects from the terra ecosystem.
On May 17, BNB Chain extended support to projects from the Terra ecosystem impacted by the TerraUSD (UST) and Terra LUNA meltdown.
Gwendolyn Regina, Investment Director at BNB Chain said,
“It is a difficult time for many in the market, and we at BNB Chain want to welcome our fellow members of the wider crypto community into the BNB Chain ecosystem. We know you want to build, and we’ve put in place a solid support infrastructure to help you do so.”
Regina added.
“We invite you to reach out to us to learn more about how you can build on the world’s most-used blockchain in terms of users and transactions, as well as how we can assist you in your journey to create the next wave of innovative crypto dApps.”
While the broader crypto market struggles to recover from the mid-May sell-off, Binance Coin climbed to #4 on CoinMarketCap.
Binance Coin (BNB) Price Action
At the time of writing, BNB was up 4.21% to $332.60. A bullish start to the day saw BNB strike a late morning high of $332.85.
BNB broke through the First Major Resistance Level at $325 and the Second Major Resistance Level at $330.
Technical Indicators
BNB will need to avoid the Second Major Resistance Level at $330 to target $340 and the Third Major Resistance Level at $342. BNB would need broader crypto market support a breakout from $335.
An extended rally would test the Third Major Resistance Level at $342.
A fall through Major Resistance Levels and the $318 pivot would bring the First Major Support Level at $312 into play. Barring another extended sell-off, BNB should avoid sub-$310. The Second Major Support Level sits at $306.
Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal. BNB sits above the 100-day EMA, currently at $320. This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA closed in on the 200-day EMA; BNB price positive.
A hold above the 100-day EMA would support a run at $340 and the 200-day EMA, currently at $343.
This article was originally posted on FX Empire
