Nov 9, 2022 at 05:25While the FTT token value of cryptocurrency exchange FTX tends to zero, the native coin of rival platform Binance is feeling much better, but also reaping the benefits of its creators’ recent move. Thus, after information about the FTX’s collapse, the BNB’s price fell by 8.11% in the last 24 hours.
It would seem little compared to the FTT’s 76.54% drop over the same period, but now BNB needs to stay above the $300 support level in order to start a new rise. Will it succeed?
Current market situation
At the time of writing, BNB is trading at $301.02, showing an increase of 4,28% in the last hour. What is certain is that the coin’s value will be constantly changing in the near future, and we can talk about something positive only when BNB will fix on the $300+ mark.
Earlier, the coin went off after jumping above $350, breaking its moving average and even setting a month high with a value of $361. However, the situation with FTX significantly reduced the value of the cryptocurrency as a whole, with major market players like Bitcoin (-9.6% in the last 24 hours), Ethereum (-18.17%), and Ripple (-15.4%) among others being hit.
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Experts say that in the last 24 hours the coin has fallen below the support level of $345 and $335, and the price has generally fallen below the 50% Fib retracement level [horizontal lines that indicate the possible support and resistance levels where price could potentially reverse direction] of the upward movement from the $264 low to the abovementioned high.
Analysts at newsbtc also noticed that there was a breakout of the BNB/USD pair below the main bullish trend line with support around $338. The price is holding above $300 and the 100 simple moving average (4-hour chart). Initial support is near the $312 level.
The experts also note that the first major support is near the level of $300, and the next one is near $286, so if there is a breakdown below that bar, the value of BNB will continue to fall.
Will BNB go up?
It is impossible to say for sure what will happen with the coin yet. The situation with Binance and FTX is not finally resolved, so the token value will continue to fluctuate chaotically. However, one thing is clear, if BNB can hold above $312 or even $300, there is a high probability that a new bullish round will begin.
“The next major resistance is near the $345 level, above which the price is likely to aim a test of the $365 level in the near term. Any more gains might send the price towards the $380 level,” says the analytics.
Popular influencer Crypto General probably has no doubt that BNB will rise amid current events.
Good morning future #BNB millionaires
— Crypto General (@DaCryptoGeneral) November 9, 2022
According to crypto enthusiast CryptoBala, what is happening now is not accidental and has a global nature.
“Real revolution currently ongoing, started [by] Bitcoin, continued by Ethereum, and now by Binance and Twitter. Just look at the world around you, fiat is over. Crypto is here to bring real freedom to our world,” he says.
And the growth of BNB is noted by both small players in the market…
#BNB to the moon pic.twitter.com/YameCReXzG
— Lunc 1$ (@MRDOGRA7) November 8, 2022
…as well as large ones.
WOW!! #BNB IS UP 15% IN THE LAST 15 MINUTES!! pic.twitter.com/awLP0xHeKJ
— Crypto Rover (@rovercrc) November 8, 2022
It only remains to monitor the situation and, depending on the state of the market, to do certain actions. More about this further.
How can I make money on this?
Experts advise paying attention to technical indicators. Especially on:
- 4-Hours MACD — The MACD for BNB/USD is losing pace in the bearish zone.
- 4-Hours RSI (Relative Strength Index) — The RSI for BNB/USD is currently below the 50 level.
Also, keep an eye on the support 
the price level that an asset does not fall below for a period of time and resistance the point on a price chart at which an upward price trajectory is impeded by an overwhelming inclination to sell the asset BNB. They determine whether the price will hold or crawl up or down. Here are the main ones:
- Major Support Levels — $312, $300 and $286.
- Major Resistance Levels — $330, $338 and $365.
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