Why Binance Coin (BNB) Short-Term Price Outlook Is Not Necessarily a Reason to Cheer

The Binance Coin (BNB) price is trading inside a short-term bullish pattern. While a breakout from it seems likely, the long-term trend indicates another nosedive will eventually occur.

Timeline of Bnb

FTX hacker swaps 29.7k BNB, after FTX, a cryptocurrency exchange faces a massive hit of a $600 million hack on Friday. Amid the ongoing liquidity crisis as per today's report, the FTX hacker becomes the 31st largest Eth holder.

The price of Binance coin (BNB) has fallen to $266.46 today, representing a 2.5% drop in 24 hours. However, its current level marks a slight rise of 1% for the last seven days, with the exchange utility token having been affected by the ongoing FTX collapse.

 BNB's price fails to hold amidst market turmoil as the price falls back to its key support zone with a range-bound movement.  BNB's price continues to show strength after a bearish downtrend with the market's current state, as things look uncertain for most traders and investors.

The wallet currently holds at least $322 million in cryptocurrencies — 87.5% of which is ether. It is now the 34th largest holder of ether. The post FTX drainer sells more BNB, now 34th largest holder of ETH appeared first on The Block.

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.

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