Binance Coin Price Prediction as Bulls Hold $240 BNB Level – Time to Buy?
The price of Binance Coin (BNB) has remained flat in the past 24 hours, with its current level of $244 representing a 4% loss in the last seven days.
BNB is also down by 1.5% in the last 30 days and has actually declined by 1% since the beginning of the year, in contrast to most other major cryptocurrencies (e.g. Bitcoin is up by more than 80% since January).
And while BNB has been able to resist falling below the $240 support level, it's arguable that further falls are likely, given the problems Binance as an exchange and company has been experiencing in recent months.
BNB may have struggled in the past week, but it now looks as though it could be close to mounting a comeback.
Its relative strength index (purple) has just risen above 50, having stood below 40 earlier in the week.
This signals some modest growth in momentum, yet BNB's 30-day moving average (yellow) still needs to fall below its 200-day average (blue) before the altcoin can be expected to see a rebound upwards.
One good piece of news, however, is that BNB's support level (green) has been holding up well in the past couple of weeks, suggesting that its price won't fall much lower before it recovers.
BNB could potentially return to $250 in the next couple of weeks, before possibly making it up to $260 in the next few months.
That's the short-term picture, yet in the medium- and long-term things don't look entirely optimistic for the altcoin.
This is because of the apparent difficulties Binance appears to be facing at the moment, with each passing week brining more news which appears to suggest that the exchange is struggling.
Most recently, it was reported that Binance had laid off more than 1,000 employees, with the company offering them two months pay in the form
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