Should you buy BNB at the current $215 support level?

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Should you buy BNB at the current 5 support level?
Changelly


BNB faces bearish pressure at key support level

The coin’s ATH dropped 68%

The cryptocurrency market is in a bearish momentum, with BTC trading below $20,000.

Binance (BNB/USD) has been in the doldrums amid continued bearish momentum in the sector. The coin is currently trading at $215.35 after falling 3.4% in the past day and 10.72% in the past week, according to CoinMarketCap. In contrast, flagship coin Bitcoin has lost 10.96% over the past week, while Ethereum has lost 15.41%. Are we about to see a trend reversal for the native Binance coin, or will it head lower?

Ledger

Binance’s ongoing global expansion has done little to boost the adoption of the native BNB token, which was supposed to discount fees. BNB Chain’s automatic token burn mechanism (Binance burned more than 1.8 million BNB tokens in April) has yet to boost the value of the cryptocurrency.

Past price data from CoinMarketCap shows that the BNB token is in a downtrend. Over the past month, the coin has lost 28.7% from a high of $303. The three-month price outlook shows a 51% decline from $444. The coin is also down 68% from its all-time high of $675.

BNB finds support at $215

Source: Tradingview

According to the daily chart outlook above, the BNB token is bearish. The coin is currently trading at support, which has turned the $327 price level into resistance. The 20- and 50-day moving averages provide upside resistance, indicating a potential area of ​​consolidation in the event of a trend reversal. Also, with an RSI of 36, BNB could be set for a short-term uptrend reversal.

Overall, the current price level can be an ideal buy entry, but confirms a bullish price signal. We advise investors to be patient with price action signals before buying at current levels. A break below $215 could lead to further weakness and the coin could move lower.

generalize

Amid the bearish sentiment in the cryptocurrency space, the BNB token remains largely in the doldrums. However, investors can benefit from short-term price action before sentiment changes. Traders should wait until the coin clears above $215 before going long.

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