VOT Research Desk
Initial bullishness in the price of Binance Coin resulted from the potential acquisition of FTX. But as the negotiations stalled, BNB fell along with the rest of the cryptocurrency market.
The exchange token now requires a strong push, which might be accomplished if buying pressure picks up, even though the prognosis now appears very gloomy.
The price of Binance Coin, which is presently trading at $269, is steadily declining. Although investor buying is essential for its revival, news regarding Binance itself might also help.
The exchange obtained its Financial Services Permission (FSP) licence from the Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) (ADGM).
Binance will be able to offer cryptocurrency services on the market if it complies with these requirements.
Binance Technical Analysis Report
The price of Binance Coin may surge to overcome the nearby resistance zone bounded by $280 and $285.
BNB might turn the $290 barrier into a support floor and prolong the run-up to $311 if this range were reclaimed. The gain for traders from this move would be 15.88%, and this is probably where the upside is limited.
The price of Binance Coin is susceptible to a decrease, though, as the threat of contagion continues to hang over the cryptocurrency market. 
If there were to be a rise in bearish pressure, BNB might drop to the $260 level of immediate support.
If the daily candlestick closes below this level, concerned investors may start selling, which would cause a 6% drop to $245.
A return to this crucial level of support would bring Binance price low.
