Binance Coin has regained important support at $266 after the recent crash.
Cryptocurrencies have previously been weighed down by negative publicity
A recovery above $266 would set BNB towards the next resistance at $295.
Binance (BNB/USD) traded at $274 on Tuesday, slowing from the previous day’s monthly high of $282. BNB buyers will be pleased to see how far the cryptocurrency has come since Binance started being talked about unfavorably.
There were concerns about a further decline for BNB following the FTX collapse, hitting a low of $220 in mid-December. Especially at the price level, it remained stable as BNB lost the important support at $266. However, due to constant buying, BNB has recovered to levels that support the current price.
BNB price is now safe at least above $266. However, it seems that Binance’s misfortune is not over yet. recent cryptocurrency news This suggests that US federal prosecutors have begun an investigation into cryptocurrency exchanges. According to the report, several US companies were issued subpoenas for their communications with Binance. It is reported that the exchange is being investigated for violating the U.S. Bank Secrecy Act. Regulations require financial institutions to verify their customers to curb money laundering. BNB price has not yet reacted to the potential lawsuit.
With some strength in the price, BNB regained support above $266.
BNB/USD Chart by TradingView
According to technical forecasts, the expected price target for BNB is $295. This is the next resistance zone and BNB has hit its target each time the price has recovered above $266 in the past. The MACD indicator is moving above the neutral zone, highlighting bullish momentum. Likewise, BNB trades above the moving averages. The 50-day moving average could remain a dynamic support line around the $266 level.
Is it a good idea to invest in BNB now?
A retest of $266 support would trigger buying transactions for the cryptocurrency. Investors should carefully watch for signs of bullish price action at support levels. Buy BNB It rises to the $295 resistance level.
Where to Buy BNB
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