Binance Coin price analysis: BNB could hit $250 support after failing to consolidate above $278

Binance Coin price analysis has turned bearish once again, after showing some positive momentum to push price up to $282.6 yesterday. BNB price failed to consolidate on the positive momentum from then and dropped down to $273.7 today, before rising up to $276 at the time of writing.

Timeline of Bnb

The entity that moved funds out of crypto exchange FTX's wallets last week has been swapping its coins to accumulate ETH, making it one of the biggest Ethereum whales in existence. On Friday, FTX's general counsel Ryne Miller released a statement on the company's Telegram channel, saying the exchange had been hacked.

 BNB Chain was quite heated due to multiple positive developments BNB's stochastic was oversold, but the rest of the metrics were negative  BNB's performance last week was not what investors expected. Its price went down considerably, like most other cryptos in the market.

The global crypto market has continued to recede in value due to unfavorable situation. The performance of Bitcoin, Binance Coin, and others shows slight improvement, but they haven't turned bullish.

Binance Coin (BNB) price is in a downward movement, fluctuating between moving average lines. On November 4, buyers broke the overhead barrier at $336 and reached the $360 high during the initial rally.

 The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Daily structure strongly bearish following rejection at $360 $280 and $260 are levels to watch out for, but it could be risky for the bulls Binance Coin crashed as far south as $260 on 9

Binance released shared details of its hot and cold wallet addresses. MVRV Ratio and Daily active addresses up  A trend reversal is currently happening in the entire crypto market.

The global crypto market couldn't improve its value as it hasn't been able to retain its gains. Recent data shows that Bitcoin, Binance Coin, and others have continued to decline in value.

Binance is the largest cryptocurrency exchange in terms of volume and even features its own native cryptocurrency known as BNB (BNB/USD). BNB is utilized for the process of trading, for the payment of the trading fees on the exchange, and as a result of this, has seen a high level of utility.

Binance Coin price, like most cryptocurrencies in the market, is feeling the pinch of the FTX liquidity crisis. The native exchange token lost 6.6% of its value overnight before rebounding and spiking past $300. If the price holds above $260 for a few days, BNB could quickly return to its former grace and close the gap to $400.

 The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Binance Coin bulls were hopeful that recent news could initiate a bull run The rejection near $400 was followed by ruthless selling pressure In the wake of fears around the solvency of FTX, Binance signed