- Binance Coin (BNB) was up 1.93% to lead the crypto top ten majors in a mixed morning session.
- Native coin to the Binance exchange, BNB, continues to find strong support since falling to a May 12 current-year low of $206.62.
- Technical indicators are still bearish for BNB, with BNB sitting below the 100-day.
On Thursday, Binance Coin (BNB) rallied by 6.72%. The upside came in spite of regulatory chatter from the G7. Reversing a 6.06% slide from Wednesday, BNB ended the day at $307.
The crypto markets brushed aside bearish sentiment from across the global equity markets, delivering BNB with a bullish session.
Downside risks remain for the broader crypto market, with inflation, Fed monetary policy, and fears of a recession testing investor resolve.
Regulators Up the Ante after the Collapse of Terra LUNA
On Thursday, Gensler talked of other cryptos mirroring Terra’s demise to harm investors. The SEC Chair didn’t predict a few failures but many.
SEC Chair Gary Gensler failed to spook investors despite warnings of more crypto failures.
While the markets may have grown accustomed to Gensler’s views, finance ministers from the G7 also gathered on Thursday and Friday to expedite regulatory reforms.
According to Reuters, G7 finance ministers and central bankers said,
“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board) … to advance the swift development and implementation of consistent and comprehensive regulation.”
The market response to the chatter was relatively muted, with no concrete framework yet to hit the news wires. Unlike previous attempts to bring together a G7 framework, last week’s events may lead to a more meaningful outcome this time around.
Binance Coin (BNB) Price Action
At the time of writing, BNB was up 1.93% to $313. A bullish start to the day saw BNB strike a late morning high of $316 before easing back.
The First Major Resistance Level at $315 pegged back BNB.
BNB will need to avoid the day’s $301 pivot to re-target the First Major Resistance Level at $315 for a second time. BNB would need broader crypto market support to avoid sub-$310.
An extended rally would test the Second Major Resistance Level at $323. The Third Major Resistance Level sits at $345.
A fall through the pivot would bring the First Major Support Level at $292 into play. Barring another extended sell-off, BNB should avoid sub-$290. The Second Major Support Level sits at $278.
Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bearish signal. BNB sits below the 100-day EMA, currently at $322. This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA fell back from the 200-day EMA; BNB price negative.
A move through the 100-day EMA would support a run at $350.