Can BNB traders maintain support?Hi traders, and welcome to Monday's insight. We're watching BNB today as price continues to hold a higher low above a well-defended support area.
We all have seen the total drama that has been the crypto market last week. Insane price moves after FTX ended up declaring chapter 11. We want to wish our best to anyone caught up, and we hope you will see a happy ending.
After a weekend of selling, we are seeing a new push higher by buyers today. The good, we are seeing a new higher low that sits at the top of the support range. Higher lows are bullish signs, and seeing it with support can give it more credence.
The sell-off was dramatic, and we saw as much as 31% wiped off BNB price in two trading sessions last week. The good news was that the selling stopped at 260, which is the base area of the support range.
Looking forward, we want to see today's buying continue with a higher close. This will continue to hold the support area and reinforce it. If we see this, we then want to see a new rally pulling back more of last week's losses.
If we do see a new move lower, we need to see 260 hold. If we do see a new close below 260 or lower, this could be signalling that we are seeing a new leg lower. Let's see if buyers can hold today's higher move.
Good trading.
