The Critical Moment for BNB Chain is Here

There is little doubt that the BNB ecosystem has attracted favourable media coverage during the past several weeks. As a result of the fall of the FTX empire and the decline in faith in other centralised exchanges (CEX), many cryptocurrency owners have shifted in large numbers to more personal options.

Binance apparently saw an increase in inflows as users reportedly left CEXs. This is likely because Changpeng Zhain (CZ), the CEO of Binance, led the campaign for custodial exchanges to post proof of reserves and made a public commitment to transparency about on-chain metrics. This is expected to cause a rise in the BNB market price.

BNB Level to Watch – December 6

On November 4, the market broke its structure upward, which suggests a bullish price movement. The price dropped to the fair value gap (FVG) on November 21st, filling it, and then experienced a huge bounce.

Following the rally, the price is now in the process of declining, this will likely be a modest retreat. The Moving Average remains positive, and the price is hesitant to make a significant move lower. The Relative Strength Index shows the price moving towards the oversold zone. When the price reaches the oversold zone, $260.0 is expected to support a bullish move.

The Relative Strength Index indicates that the price is headed for the oversold region. The $260.0 is anticipated to provide support for a bullish rise when it gets to the oversold zone.

Binance Coin Key Levels

Resistance Levels: $298.00, $320.00, $356.0
Support Levels: $220.0, $241.0, $260.0

Total Market Capitalization: $850.63B
Binance Coin Market Capitalization: $46.13B
Binance Coin Volume: $0.57B
Market Rank: 4

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